Page 6 - Toy & Hobby Magazine NovDec20Jan21_Mag

NEWS
FROM THE NEWS DESK
IN BRIEF
Funtastic to acquire Toys R Us Australia
◗ SPIN MASTER PAYS US$50 MILLION FOR RUBIK’S
Spin Master has announced that it will acquire the Rubik’s Brand
- owner of the world-famous Rubik’s Cube - for a reported US$50 million. Capitalising on the growth of the games and puzzles category in 2020, the acquisition sees the STEM.org authenticated puzzle join the Spin Master portfolio alongside another classic brand, Etch-A- Sketch. The acquisition of Rubik’s Brand marks Spin Master’s 22nd acquisition since the company was founded in 1994 and the 12th since its initial public offering in 2015. The transaction is expected to close on January 04, 2021.
In Australia, the Rubik’s Cube is distributed by Crown & Andrews | Goliath Games.
FUNTASTIC has announced that it will move to acquire Australian eCommerce websites
Toys R Us, Babies R Us, Hobby Warehouse Group (HWG) and Mittoni. The news comes
as Funtastic announces a re-capitalisation of
the company through a fully underwritten placement and the conversion of existing debt
to equity. Funtastic is set to undertake a fully underwritten institutional placement of 258.9 million shares at an issue price of 11.2 cents per share to raise $29 million. The business will also convert $6 million of its debt facility with major
shareholder Jaszac Investments to shares issued at the placement price, with the balance of $3 million Jaszac debt outstanding to be repaid from the proceeds of the placement. Each of the proposed transactions is subject to the approval of Funtastic shareholders at the company’s virtual Annual General Meeting which is scheduled for 11:00am on Monday, 23 November 2020. If the acquisition is to take place, Louis Mittoni - current Toys R Us Australia and Hobby Warehouse Group CEO - will serve as CEO and MD of the combined group. ❉
Toys and Tales recognised on global stage
AUSTRALIAN independent retailer Toys and Tales was recognised on the global stage in
the Chicago Toy and Game Group's TAGIE Awards. The retailer was one of ten finalists in the Most Innovative Retailer Award and was the only Australian to make an appearance in the category. Owner Elizabeth Milford told Toy & Hobby Retailer that the business was thrilled to be nominated for the award. "We are excited to
be nominated for an international award and delighted to get attention as a shop in Australia! “This recognition is priceless and is great for the staff as well as ourselves and the centre in which we operate. Brick and mortar sometimes feels a bit beleaguered in an online age and the award helps to showcase broadly the benefit
of creating an exciting, intriguing space that people really want to explore,” she said. ❉
◗ AXIS WELCOMES TWO NEW TEAM MEMBERS
Axis Toys appointed two new managers to its team this
year. The business appointed Jessica Merza as its new business development manager while Sally Westra joined the company as its new marketing and communications manager. Merza joined Axis after serving 13 years in the education, toy and retail industry with Educational Experience as its buyer and national sales manager. Meanwhile, Westra joined
the toy business after serving eight years with independent grocery chain, Australian United Retailers.
6 TOY & HOBBY RETAILER NOVEMBER / DECEMBER / JANUARY 2021