There's still a chance there may be future generations of Toys R Us kids.
Billionaire CEO Isaac Larian announced on Friday that he has put in a formal bid of $675 million to buy a number of the company's U.S stores, as well as $215 million to buy the locations in Canada.
He will use his own money, funds from additional investors and bank financing to make the purchase, according to a news release.
Larian, who owns MGA Entertainment which is best known for producing toys such as Bratz dolls, said in the release that the Toys R Us closure "will have a long-term effect on the toy business," and that it will cause the toy industry to "suffer."
Larian wants to buy more than 200 of the brand's 735 stores in the U.S., and almost all of more than 80 locations in Canada, a spokesperson told CNN.
"Everyday that goes by, the value of Toys R Us declines and more people lose their jobs," Larian said in the release. "I did my part and now it's up to the other side to accept this offer. If they do, the real work will begin."
Toys R Us declined to comment.
Larian said he is looking to turn Toys R Us into more of a destination for families.
"We will make Toys R Us an experience in and of itself; a fun and engaging place where families can spend an entire day," he said in the release. "Imagine a mini-Disneyland in each neighborhood."
The release makes no mention of Larian's interest in purchasing Babies R Us, which is also in the process of closing.
In March, Larian started launched a GoFundMe page with a $1 billion goal aimed at saving the Wayne-based toy chain. He started the crowdfunding effort with an initial investment of $200 million and since that time, it has raised another $59,000.
Toys R Us officially announced plans to liquidate the inventory in all 735 of its U.S. stores, including stores in Puerto Rico on March 15. Sales began later last month in stores across the country.
The company recently shut down its web site in an effort to get more customers into its stores and take advantage of its sales.