The iconic toy retailer Toys "R" Us may get a second chance at thrilling kids the world over, with the company's creditors reportedly indicating that they are reconsidering the liquidation of the company. Reuters reports that the company's top lenders have decided to cancel a bankruptcy auction and instead invest in a new global licensing venture of the two stores Toys ‘R’ Us and Babies ‘R’ Us. 

As Reuters reports, the famous toy retailer filed for Chapter 11 protection in September last year, hoping to restructure some $5 billion in debt, much of which stemmed from a $6.6 billion leveraged buyout by private equity firms in 2005.

As ABLA reported, lawmakers from the Congressional Progressive Caucus are taking aim at two of the world's largest private equity firms for their alleged role in the bankruptcy.

In letters to Bain Capital, KKR and Vornado Realty Trust, 19 lawmakers request answers regarding the firms’ management practices and inquire into any plans to offer severance pay to all laid-off Toys ‘R Us workers. Citing a deep concern about the health of the U.S. retail sector, the lawmakers blame excessive debt payments resulting from a leveraged buyout of the company for its demise into bankruptcy and liquidation.