Toys “R” Us Canada can grow with resources from buyer Fairfax, president says

CONCORD, Ont. _ Toys “R” Us Canada Ltd. president says the toy retailer will be able to grow following its purchase by Fairfax Financial Holdings Ltd.

Melanie Teed-Murch says in a statement that under the new ownership, the beleaguered retailer will have resources to reinvigorate stores and grow its market position.

She says she’s pleased Canadian and U.S. courts have approved the sale to Fairfax and the deal, which is still subject to some court and regulatory approvals, is expected to close this quarter.

Teed-Murch says the company looks forward to serving customers in innovative ways in this new chapter and that Toys “R” Us Canada is here to stay.

Toronto-based Fairfax made a $300-million stalking horse offer for the subsidiary earlier this month.

Toys “R” Us Canada previously filed for creditor protection and its U.S. division sought bankruptcy protection.