Just filed for bankruptcy protection in North America, and then seek public listing in Asia, Toys R Us like the Transformers-like "dismantling" game is quite intriguing. Last month, Toys R"Us, the world's largest toy retailer, filed for bankruptcy protection. The company's assets were worth $6.9 billion, making it the third-largest retail in the history of the United States. Business bankruptcy case. Once, the world’s largest toy retailer brought countless childhood memories, but the reality seems too cruel, just as R Us is also seen as the latest example of the offline retail industry killed by e-commerce offensives. This example also seems to crash in an instant. However, when people were still concerned about the series of domino effects caused by the bankruptcy of R Us, unexpected things happened again. According to mainstream US media reports, Toys R Us is actively seeking financing for its expanding Asian business, including listing on the Hong Kong Stock Exchange IPO. Asian market may become a place to turn around If Routine can be successfully listed, it is worthy of the "real return" of the real version of the enterprise in the capital market. According to sources, R Us and its partner in Asia, Feng Brothers, have been negotiating with a number of investment banks to study the feasibility of listing Asian operations. In fact, as early as the semi-annual report, Toys R Us's global revenue distribution has revealed a signal to shift its focus to Asia. In April of this year, Toys R Us announced the merger of its Japanese and Asian businesses into one. After the reorganization, Toys R Us Asia will have more than 400 stores in Greater China, Japan and Southeast Asia. In the new business, the business policy focuses on creating revenue growth and reshaping the “R Us†brand. Among the new companies, Toys R Us Holdings is 85%, while its Asian joint venture partner retailer Feng Brothers Holdings is 15%, which is operationally and financially independent of North America. Market analysis believes that the traditional toy and non-electronic game market in the Asia-Pacific region reached 20.7 billion US dollars, while Toys R Us Asia has the largest market share, reaching 20%, and other market competitors are only about 1.4%. . It can be seen that Toys R Us has a large share of the toy market in the Asia Pacific region. The group has pointed out in the past that the strong growth of the Asia Pacific business can help offset the impact of the weak business in Europe and the United States. However, according to Bloomberg quoted people familiar with the matter, Toys R Us and its joint venture partner Feng Brothers in the listing feasibility study submitted to the investment bank, hope to be listed as early as 2018, the listing valuation may be up to 2 billion US dollars. However, the relevant parties believe that considering the complexity associated with the US bankruptcy procedures, it will bring unnecessary trouble to the listing of R Us in Asia. Some analysts have raised their unfavourable views on listing in Asia, pointing out that because the American company of R Us has filed for bankruptcy protection, its Asian business may be difficult to raise funds for investors. But some analysts believe that this move will help private equity owners behind R Us to recover some of their investment. The KRR Private Equity Fund and the Werner Real Estate Trust Company have previously reduced this investment to zero on the books. If Rout successfully can be listed in Hong Kong, China, it is worthy of the real version of the “King of the Kings†in the capital market. According to some analysts, the IPO market in Hong Kong also hopes that Toys R Us can be listed in Hong Kong. Because its IPO market lacks a large IPO in recent years, the performance of the IPO market this year is also inferior to that of last year. The total IPO fundraising has decreased by four years compared with the same period of last year. Cheng is also the worst year since 2012. Domino effect In the first half of 2017, among the various products in the US toy industry, the year-on-year decline in sales of building block toys was the largest. The fact that R Us can be successfully listed is not mentioned, but the negative impact of its application for bankruptcy protection has already appeared. Barbie maker American Mattel Toys Co., Ltd. said that it was not affected by the bankruptcy protection of the famous toy chain store in the United States. According to US media reports, in the third quarter of this year, Mattel's North American market revenue fell 22%. The company's global market performance was also unsatisfactory. The global sales of the main products Barbie dolls and hot wheels toy cars decreased by 7% and 6% respectively, and the sales of high-end products "American Girl" series dolls decreased by 30%. Mattel said the company plans to cut costs by $650 million over the next two years to reverse the current unfavorable situation. Hasbro, the nation's second-largest toy maker, also recently said that the bankruptcy of Toys R Us has led to poor sales of its products. According to Reuters, Hasbro’s third-quarter earnings report showed that the company’s revenue grew 7% year-on-year to $1.79 billion, higher than analysts’ forecast of $1.78 billion. However, because Hasbro's expectations for fourth-quarter revenues were not high—$1.74 billion, which was lower than Wall Street's expected $1.82 billion, its share price plummeted 10%. Toys R Us is the second largest customer of Hasbro, and its business accounts for around 9% of Hasbro sales. Hasbro said that Toys R Us filed for bankruptcy, not only for Hasbro to suspend shipments for a while, but also brought many uncertainties to the upcoming shopping season, such as Toys R Us can not digest As many toys as in the past. In addition to the three major toy retailers, the famous third-quarter report for the fiscal year 2017 released by the famous American toy brand Jakks Pacific showed that the company's net profit was -176.14 million US dollars, down 157.54% year-on-year; operating income was 262 million US dollars, year-on-year. It fell 13.34%. According to a report released by the world's leading consumer and retail information provider NPD Group, in the first half of 2017, the sales of building block toys in the US toy industry fell the most. However, the US investment website seekingalpha has an analysis article saying that Hasbro and Mattel should not be affected by the above two incidents, and their stock prices will usher in a rebound. It is worth noting that both Vanguard Group and BlackRock have significantly increased their positions on Hasbro. Principal Financial Group also tripled its Hasbro stock in the second quarter. In Mattel, although BlackRock and Fidelity Investments' parent company, FMR LLC, have significantly reduced their positions, the fund companies Primecap Management, American Century Companies and Janus Henderson Group have increased their holdings. Why do you face it like this? The reasons for the toy giants facing difficulties are not new. Although Toys R Us has hired a law firm to help it restructure about $400 million in debt that is about to expire in 2018, it is worth noting that bankruptcy filing protection is only one possibility in debt restructuring and does not explain The final choice. Toys R Us hopes to obtain a fund through application protection to help companies get out of the woods, and hopes that through debt restructuring, the company's complex capital structure can be simplified, while several physical stores are closed to get rid of expensive rents. It is reported that before the company announced its application for bankruptcy protection, it has obtained more than 3 billion US dollars of financing provided by JPMorgan Chase and other consortiums to maintain operations during the period of debt restructuring, ensuring that toy suppliers such as LEGO, Mattel and Children's Po can continue to provide building blocks. Toys such as Transformers, Star Wars Jedi Knights, Barbie dolls. While acknowledging the negative impact of Toys R Us, Hasbro CEO Brian Enkin has repeatedly stressed that they have continued to expand sales channels before, e-commerce, grocery stores, pharmacies, etc. have become important Point of sale, especially e-commerce channels. And all walks of life have generally interpreted that R Us’s bankruptcy in North America is another physical retail that the traditional retail industry has lost to the fierce competition of e-commerce giants such as Amazon. It can be seen that the incident reflects the reasons for the difficulties faced by the toy giants is not new - from the online and offline double competition. CNBC pointed out that on the one hand, large physical retailers, such as Wal-Mart, have been competitors in physical retail such as Toys R Us for many years. Wal-Mart’s strategy is to attract consumers by selling low-priced toys. Shop to buy more expensive items in R Us. In addition to known competitors, large US retailers have joined the camp, and department store Jesse Penny announced in July this year that it has set up toy counters in all its department stores. Large e-commerce giants, such as Amazon and e-Bay, have also become powerful competitors for Toys R Us, diverting consumers to Toys R Us. Statistics show that Amazon toy sales in 2016 reached 4 billion US dollars, more than three times higher than Toys R Us. Amazon toy sales increased by 24% last year, while the entire toy industry grew by only 5%, while Toys R Us's sales have fallen for five consecutive years. On the other hand, the competition for Toys R Us comes from the prosperity of electronic goods. Thanks to the development of smartphone and tablet technology, electronic products can simulate toys like airplanes and cars more realistic, interesting and interactive. As a result, the share of traditional toys is being replaced by video games, and traditional toys such as building blocks and dolls are being abandoned by more and more modern children. Regardless of the way debt reorganization of Toys R Us, the trend that can be seen is the competition of online and offline retailers for toy stores and the erosion of electronic products to the traditional toy market. In the current digital age, in addition to capital operations and market integration, toy manufacturers must adapt to this digital age. Although there are many reports that parents have stopped or reduced their purchases of toys because of their reduced interest in toys, the data shows that Hasbro and Mattel’s toys are still ranked in the top ten best-selling toy collections in the US in the first half of 2017. Forefront. On the surface, toy R Us bankruptcy has a negative impact on the toy industry, but in fact, this is a good thing for toy manufacturers because they can transfer their products to more successful retailers, thus making their products more Quickly sold. (Editor: Zhang Yiyu HN150)
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