Toys R Us UK

bankrupt

Retail — KKR / Bain / Vornado (via US parent)

Deal Terms

Entry Year2005

Entry EV$0.4B

Entry Multiple7x

Leverage6x

Debt Amount$0.24B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

UK subsidiary of KKR/Bain/Vornado's $6.6B US LBO. UK ops had 105 stores, 3,000 employees. Filed for administration Feb 2018, all stores closed. UK pension fund left with deficit. PE-loaded debt on US parent cascaded to UK subsidiary. British workers and pensioners paid the price for an American leveraged buyout. Collateral damage of the worst toy store deal in history.

Sponsor

KKR & Co.$638B AUM