MGA Entertainment CEO Isaac Larian has placed a formal bid of $890m to acquire Toys R Us stores in the US and Canada.

According to the proposal, Larian is offering $675m for stores in the US and $215m for stores in Canada.

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The bid investment will be funded by Larian’s own coffers, bank financing and additional investors.

“We will make Toys R Us an experience in and of itself; a fun and engaging place where families can spend an entire day.”

Recently, MGA CEO has led a crowd-funding effort through GoFundMe platform aiming to raise $1bn in effort to rally the community around the cause.

Larian said: “The time is now. Every day that goes by, the value of Toys R Us declines and more people lose their jobs.

“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. We will make Toys R Us an experience in and of itself; a fun and engaging place where families can spend an entire day. Imagine a mini-Disneyland in each neighbourhood.

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“The liquidation of Toys R Us is going to have a long-term effect on the toy business. The industry will truly suffer. The prospect of bringing the Toys R Us experience to a new generation, my new grandson’s generation, is enough to motivate me to Save Toys R Us.”

Last week, Toys R Us received for $80m incremental debtor-in-possession (DIP) financing from the company’s Taj Noteholders to support its Asian and Central European operations.

The investment is said to increase the company’s liquidity further, as well as fund the working capital needs of its current operations.

Expansion plans as part of the investment include strengthening the retailer’s presence and building inventory in Asia and Central Europe this year.