Billionaire offers to buy some Toys "R" Us stores in the U.S. and Canada

CNN - There may still be hope for some Toys "R" Us stores. Billionaire Isaac Larain is making a move to save some U.S. locations and a few others in Canada.

Larain runs toy-maker MGA Entertainment. He's offering to buy more than 200 U.S. Toys "R" Us locations for $675,000,000. He also says he'll pay an additional $215,000,000 for more than 80 Canadian stores. Larain would use a combination of his own money, financing and investors to foot the bill.

Toys "R" Us filed for bankruptcy last fall. The company announced plans last month to shut down or sell all of its U.S. stores.

However, Larain says the liquidation of Toys "R" US would have a negative impact on the toy industry. He says his vision for the toy chain includes turning the stores into entertainment hot spots.

"Imagine a mini-Disneyland in each neighborhood," Larain explained.

Toys "R" Us did not comment on the proposed purchase.