PARAMUS, NJ-Vornado Realty Trust's investment in Toys R Us cost the REIT $34 million in the third quarter.
Vornado owns the retailer with Bain Capital and KKR. The retailer posted a $113 million net loss in its fiscal second quarter. The three owners took Toys R Us private in 2005.
Vornado executives have repeatedly stated that they wish to sell their investment in Toys R Us as soon as possible, according to The Record.
"We will dispose of Toys R Us when we can," stated Vornado Chief Financial Officer Joseph Macnow in a recent presentation to analysts and investors. "We need to put a new CEO into Toys R Us to regenerate its growth characteristics and hopefully in the not-too-distant future be able to take it public," he said. See story in The Record.
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