Author: Suzanne Nuyen, TEGNA

Published: 11:27 AM EST February 11, 2019

Updated: 11:28 AM EST February 11, 2019

Get ready to welcome Geoffrey the giraffe back into your hearts, because Toys "R" Us is making a comeback.

The iconic toy company went out of business last year after disappointing sales in the 2017 holiday season. The company announced Monday that as of January 20, a new company called Tru Kids Inc, doing business as Tru Kids Brands, would be taking over as the parent of several Toys "R’ Us brands, including Babies "R" Us and the company’s former mascot, Geoffrey the giraffe.

The new company will be headquartered in Parsippanny, New Jersey, and will be led by its president Richard Barry. Barry was the former chief merchandising officer of Toys "R" Us. Yehuda Shmidman, who was the former CEO brand licensing company Sequential Branding will serve as Vice Chairman. The team also includes former Toys "R" Us employees.

Tru Kids Inc will be focused on growing the Toys "R" Us brand and e-commerce. As a part of its business strategy, the company will be opening 70 stores in 2019 in Asia, India and Europe.

“We have an incredible team focused on bringing Toys”R"Us and Babies"R"Us back in a completely new and reimagined way, so the U.S. doesn’t have to go through another holiday without these beloved brands," said Barry.