- Vornado (VNO) reportedly wants to exit Toys "R" Us, which it bought along with KKR (KKR) and Bain Capital in 2005 for $6.6B in a leveraged buyout. Vornado's stake is worth $418M, about what the firm paid for the holding.
- On Wednesday, Toys "R" Us appointed long-time executive Spaniard Antonio Urcelay as CEO on a permanent basis after failing to attract a "retailing superstar" to the position. Urcelay formerly ran the company's European operations, but he won't be relocating to the U.S.
- Toys "R" Us has long been hampered by the massive debt it took on at the time of the LBO, having paid $3.7B to service its loans since then.
- The company did file for an IPO in 2010, but the three investors couldn't agree on timing and missed their opportunity after Toys "R" Us' sales started flattening out.
Vornado again eyes Toys "R" Us exit
Oct 18 2013, 04:02 ET