Bloomberg:

"In a bankruptcy court filing Monday, the funds said they had canceled a plan to auction off the company’s intellectual property. Instead, they are seeking to reorganize the assets into a new company that will maintain the current license agreements and can invest in new retail operating businesses."

You can check out the full story by clicking through to the report on Bloomberg.

Hopefully they do re-open Toys R Us stores and not just license out the name to slap on products to sell at other retailers. If they do decide to start fresh and re-open stores they definitely need to be competitive in pricing this time around or they don't stand a chance against Amazon, Walmart, and etc.