There may be new life for Toys 'R' Us. The iconic toy story that went out of business last year, may be making a comeback. It was sad for all of us Toys 'R' Us kids when the famous toy store went out of business. Now there may be a glimmer of hope that it will be coming back under a new name.

According to News 10 ABC, just one year after going out of business, a new company has come forward to take over as the parent company. Tru Kids Inc., said Monday that they will take over many of the Toys 'R' Us brands like Babies 'R' Us and even the mascot Geoffrey the Giraffe.

The former chief merchandising officer of Toys 'R' Us is now the president of Tru Kids Inc. which is headquartered in Parsippanny, NJ.

Don't get too excited, though, right now there are only plans to open seventy stores in other countries. There are details to open U.S. stores but they haven't finalized them yet. The new company is exploring options of opening stores, pop-ups and partnerships.