Funtastic is loving Toys “R” Us Australia so much, it’s adopting the name
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Nearly six months since toy wholesaler Funtastic (ASX:FUN) bought the Australian operations of Toys “R” Us, the company proposes to change its name and ASX ticker to the well-known brand.
The toy retailer saw financial problems for few years before announcing the $33 million snap-up last October.
Specifically it bought online hobby retailer Hobby Warehouse which then had the rights to the brand having bought them when Toys “R” Us Australia went into liquidation in 2018.
Today it told shareholders it would change the group’s name to Toys “R” Us ANZ and its code to TOY. The move is subject to shareholder approval at a meeting which is to be held in the coming months.
Funtastic has promised it will put other resolutions to shareholders that would bring administrative costs down and put it in a greater position of strength.
“The change in our corporate identity to Toys ‘R’ Us ANZ reflects our company’s evolving focus with a strong and confident brand,” declared CEO Louis Mittoni.
“We are excited to form an even closer relationship with the Toys ‘R’ Us brand and global team and whilst this marks an exciting change in the company’s history, it is just the beginning of our new chapter and trajectory.”
The company hasn’t yet revealed specific financial figures for Toys “R” Us in Australia but reported the company has been turning around in recent months.
In its half yearly report in March it revealed the company’s ecommerce channels saw 49 per cent growth in the first half of FY21 as opposed to FY20 and the entire group grew 4 per cent.
Shares in Funtastic are up 35 per cent since announcing the acquisition of Toys “R” Us Australia and 405 per cent in the last 12 months.