New Toys CEO to talk with investors
Toys "R" Us, in a news release Tuesday, said that report contained erroneous information.
Analysts from JPMorgan and Goldman Sachs issued reports Monday backing Toys "R" Us, and said the retailer didn't appear to have any problems that would keep it from receiving merchandise on credit.
"We do not believe that [Toys "R" Us] will have any issues funding its seasonal working capital needs," said
The analysts said credit insurers typically might tighten terms as Toys "R" Us stocks up on inventory in preparation for the holidays.
Toys "R" Us said Tuesday that Brandon and other company executives would speak via conference call and in person with investors Thursday about the company's "Fit for Growth" initiative, and how the company plans to transition from recent cost cutting to "growth generation." A spokeswoman for Toys "R" Us said the call will not be open to the public or the media.
While Toys "R" Us is a private company, its debt is traded publicly, and it is required to issue financial reports and make itself available to investors.
Brandon, 63, was hired in June by the three investment firms that bought Toys "R" Us in a leveraged buyout in 2005. They are
Bain, KKR and Vornado's original game plan for Toys "R" Us was a stock offering within four to five years of the leveraged buyout.
But a weak economy and disappointing financial results at Toys "R" Us delayed that strategy. A proposed IPO was withdrawn by the company in 2013.
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