Toys "R" Us Inc.'s creditors are pushing for a better deal for the Asian business.
The unprofitable company, currently aiming to wind down its U.S. operations, has asked for nonbinding bids for its growing Asian unit by early April, according to people familiar with the matter. Toys "R" Us is working with Lazard Ltd. on the sale process, seeking to solicit a wider range of bids as it continues concurrent deal talks with its local partner, the people said, asking not to be identified because the discussions are confidential.
The retailer has sent preliminary information on the business to potential buyers including Chinese private equity firms, the people said. A deal could value the Asian arm at around $1 billion, according to the people.