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After several years as a private company, Toys ‘R’ Us Inc. wants back on Wall Street.
Toys ‘R’ Us, No. 37 in the Internet Retailer Top 500 Guide, filed today an initial public offering to raise up to $800 million that the multichannel retailer intends to use to pay down its long-term debt of $5.03 billion and for general corporate expansion. The S1, or IPO papers, Toys ‘R’ Us filed with the U.S. Securities and Exchange Commission did not list the total number of shares or the price per share for any potential transaction.
The IPO registration notes that Toys ‘R’ Us generated global e-commerce sales of $602 million in 2009, but didn’t provide figures for any previous year. Toys ‘R’ Us also expects to expand its international e-commerce base, according to the S1. “In addition to our existing online presence in Canada, United Kingdom and Japan, we are planning to introduce web sites in countries where we have physical stores but lack a web presence such as Austria, France, Germany, Spain and Switzerland,” says Toys ‘R’ Us in its S1 filing. “Our global e-commerce platform also provides the potential to enter new international markets where we do not have any physical stores.”
Toys ‘R’ Us was acquired for $6.6 billion in 2005 by an investor group that included Bain Capital, Kohlberg Kravis Roberts and Vornado Realty Trust and turned into a privately held company. The IPO filing also reported:
- Total sales declined 1.2% in 2009 to $13.56 billion from $13.72 billion.
- Net income increased year over year 43.1% to $304 million from $211 million.
Internet Retailer calculates the web accounted for 4.4% of total 2009 sales.
Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, and Credit Suisse are underwriting the stock offering.