5 years after bankruptcy, Toys R Us continues comeback with store inside Mall of America

Toys R Us is still trying to make a comeback following the chain's seeming demise five years ago – this time by opening its second brick-and-mortar location in the largest mall in the U.S.

The toy superstore's parent company WHP Global announced a partnership Monday with Go! Retail Group to open a new Toys R Us store inside Minnesota's Mall of America. Once open, the location will be the second flagship store for the iconic toy brand after a similar store opened last year at American Dream, a retail and entertainment complex in New Jersey.

And for Toys R Us kids and their parents, the store's opening couldn't come at a better time. The grand opening is Friday, just in time for the holiday season, Mall of America announced on Instagram.

"Toys R Us has played a role in creating special memories for so many of us," Heather Brechbill-Swilley, a senior vice president at Mall of America, said in a statement. "Whether you're a kid or a kid at heart, this nostalgic brand will be the perfect addition for families and guests of all ages this holiday season."

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Toys R Us back from bankruptcy

The new flagship store is the latest sign of life from a 70-year-old brand that once appeared destined for obsolescence.

In 2018, Toys R Us filed for bankruptcy, becoming one of the biggest casualties amid the rise of online shopping. Plagued by debt, the company planned to liquidate its operations, closing 735 stores in the process and leaving 33,000 people without jobs.

After starting in 1948 as a children’s furniture store founded by returning World War II vet Charles Lazarus, the store blossomed into a beloved holiday shopping spot for decades before the rise of online sales undercut the popularity of its stores.

When it announced the bankruptcy filing, the chain offered going-out-of-business sales with clearance discounts at all its locations, including its Babies R Us stores.

In 2021, WHP Global, an investment firm that acquires global consumer brands, acquired a controlling interest in the parent company of Toys R Us and set about to revive the flailing chain.

"It is incredibly exciting to be a part of the return of Toys R Us," Gideon Schlessinger, CEO of Go! Retail Group, said in a statement. "We are fortunate to have the backing of WHP Global and Mall of America as we bring this flagship store to life for families just in time for the holidays."

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Where can I find a Toys R Us store?

In the past few years, Toys R Us stores have been making a comeback, opening in places both familiar and also unexpected, including cruise ships and airports.

In 2021, Toys R Us unveiled a 20,000-square-foot superstore at the American Dream Mall in New Jersey featuring a two-story slide and an ice cream parlor.

That same year, Macy's and Toys R Us unveiled plans to open up toy shops in more than 400 department stores beginning in 2022. Those stores were ready inside Macy's nationwide by October, just before the start of last season's holiday shopping spree.

That was also when consumers could once again buy toys from the retailer online through macys.com/toysrus and ToysRUs.com.

What's next for Toys R Us?

More is on the way for the toy retailer in 2024.

The upcoming flagship store at Mall of America spans more than 11,000 square feet, leaving room for a café and ice cream parlor to open next year, according to WHP Global. Other features are also planned for the location after its grand opening, including interactive elements and product demonstrations from toy vendors.

Additional flagship locations are also slated to open next year, WHP Global said.

"After the success we've experienced with our first flagship at American Dream and shops inside Macy's, bringing Toys R Us to Mall of America was a must," Jamie Uitdenhowen, Toys R Us executive vice president, said in a statement. "There is the perfect mix of entertainment and retail that makes it a highly trafficked go-to-destination for families year-round."

Contributing: The Associated Press

Eric Lagatta covers breaking and trending news for USA TODAY. Reach him at elagatta@gannett.com