Toys"R"Us Withdraws IPO After Dismal Earnings
It seems equity markets at all-time highs, high-yield funding markets near all-time low yields, and supposed money on the sidelines flooding back into stocks are just not enough to provide cover for the latest IPO:
- *TOYS R US FILES TO WITHDRAW IPO :TOYS US
Not citing any specific reasons for the withdrawal, we suspect the weather and market conditions will be blamed as they just reported abysmal earnings of $239mm vs $343mm last year and sales down $155mm from last year (with Q4 comp sales -4.5% domestically and 5.4% international). Back to the drawing board for KKR and Bain to push this off to the next greater fool.
The Registration Statement was filed in connection with the proposed initial public offering by Toys “R” Us, Inc. of its common stock, which Toys “R” Us, Inc. has determined not to pursue at this time.