Irish company Smyths Toys, owned by a Claremorris family, has signed a deal to take over Toys 'R' Us in Germany, Austria and Switzerland.

Once the largest US toy retailer, Toys 'R' Us abandoned a plan to emerge from bankruptcy last month.

It said it would try to maintain more profitable locations in Europe and Asia as an on-going business while liquidating its US and UK operations.

Smyths will acquire 93 shops and four online stores via the planned deal, Toys 'R' Us said in a statement on its German website.

According to today’s Irish Times, financial details were not disclosed but media reports put the deal's figure at about €79m.

The company, which runs 110 stores plus websites in Ireland and the UK, plans to take on all the Toys 'R' Us units, staff and management in Germany, Austria and Switzerland. 

The deal is subject to the approval of the US court and relevant authorities, the statement said.

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