Toys R Us allowed to sell Asian business operations

Toys R Us got approval from bankruptcy court in Virginia on Monday to sell the majority stake of its Asian business operations, according to court documents.Toys R Us got approval from bankruptcy court in Virginia on Monday to sell the majority stake of its Asian business operations, according to court documents.

Hong Kong-based Fung Retailing Ltd. and a group of investment firms will buy Toys R Us Asia for $760 million. The operations include more than 450 stores in 10 markets, according to The Wall Street Journal. Its largest presence exists in Japan and China.

Fung Retailing previously owned approximately 15 percent of a joint venture comprising Toys R Us’ Asian operations.