AUSTIN (KXAN) — Even though Toy Joy was officially sold to the highest bidder at a foreclosure auction on Monday, the new owners are hoping to keep the unique business running.
Wild About Music, a music-themed art and gift gallery, acquired all of the assets and property of Toy Joy in the auction.
Wild About Music Co-Founder and CEO, Fred Schmidt, said he wasn’t planning on purchasing Toy Joy.
“My partner and I were up all weekend crunching numbers and wondering what we could do to help in this situation since Toy Joy is a retail operation — a business in which we have been successful,” explained Schmidt. “It was only because the economic parameters of this particular transaction stayed within our financial means that we were able to become the successful purchaser.”
While Wild About Music doesn’t know how Toy Joy will transform, the owners are hoping to keep the spirit and mission of the company alive.
Last month, the owners of Toy Joy said financial troubles forced them to close.