The head of U.S. toy company MGA Entertainment Inc. revealed Friday that he has made a formal bid to acquire the Toys "R" Us stores in both Canada and the United States.

In a release, Isaac Larian, the CEO of MGA Entertainment, said the bid is for $675 million US to buy the U.S stores, and $215 million for the Canadian outlets.

MGA said the funds for the purchase will come from Larian's own coffers, additional investors and bank financing.

"The time is now," Larian said. "Everyday that goes by, the value of Toys "R" Us declines and more people lose their jobs. I did my part and now it's up to the other side to accept this offer."

Saddled with debt and facing competition from firms such as Amazon, Toys "R" Us filed for bankruptcy protection in the United States last fall. It unveiled plans in March to close or sell its 735 stores across the U.S., including its Babies "R" Us stores.

The 82 Canadian Toys "R" Us outlets, which operate independently of the U.S. division, drew initial interest from several bidders, including Larian, who confirmed a bid for the Canadian assets in mid-March.

"The liquidation of Toys "R" Us is going to have a long-term effect on the toy business," Larian said. "The industry will truly suffer. The prospect of bringing the Toys "R" Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys "R" Us."

Based in Van Nuys, Calif., MGA Entertainment owns the Bratz, Little Tikes and Num Noms brands.