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The company received multiple bids of over $1 billion in the first round of bidding for its Asian business, and is in serious discussions to sell its Central European business, said Toys R Us attorney Joshua Sussberg. Sales at the U.S. store liquidations have generated just under $500 million as of Tuesday, about $150 million more than the $348 million forecast for this stage of the liquidation, Sussberg said. Toys R Us filed for bankruptcy in September and began liquidation sales at 150 under-performing stores in January. It began liquidating all of its U.S. stores on March 23. Sussberg updated U.S. Bankruptcy Court Judge Keith Phillips at the hearing, where Toys R Us won approval of default waivers and financing agreements needed to support the Asian and Central European operations while sales of those businesses are being negotiated. The court approved an additional $80 million in financing for those operations. Attorneys for Toys R Us said the funding will reassure vendors who are shipping to the Asian and Central European operations that they will be paid. The Asian and Central European businesses are profitable, attorneys said, and should not be dragged down by what is happening with the rest of the company. Kenneth Eckstein, an attorney for the creditors' committee, said the committee supported the financing agreement as a means to support the future sale of the Asian and Central European businesses.
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