Toys "R" Us did not collapse because of "millennial parents". Outside of MGA, Larian and other investors launched a campaign on GoFundMe for the purchase of assets from the company.
"I sold my first product to Toys R Us in 1979", Larian said.
The chain's liquidation will have a "devastating effect" on the toy industry, said Larian, who estimates that 130,000 jobs in the USA could be lost when you include layoffs at suppliers and logistic operations.
The founder of the embattled Toys "R" Us chain of children's stores died on Thursday, a week after the company announced the end of its operations in the United States. Toys "R' Us stores especially created a magical feeling for children roaming aisles filled with Barbies, bikes, lego and countless other toys".
"He was the father of the toy business", said Mr Michael Goldstein, who succeeds Mr Lazarus as chief executive. He said a total Toys R Us liquidation could mean MGA would have to lay off workers at an OH plant that makes the Little Tikes toy vehicles.
Larian declined to identify the celebrities except to say that they are "young people who were Toys "R" Us kids".More news: Wall Street closes down sharply again as US-China trade war looms
A liquidation sale started Friday after the company recently announced it would shutter all its U.S. stores.
Toys R Us fans have also donated almost $4,000 and counting towards the cause.
The manager of the Toys R Us store in Johnson City says a liquidation sale will not begin Thursday as originally planned.
In Canada, Toys "R" Us stocks toddler beds, vehicle seats, strollers and nursery furniture from Dorel, which also makes bicycles and home products.
While big-box competitors and online outlets have taken a big chunk of the business away, some shoppers will miss the Toys " R" Us experience.
Staff at Toys R Us and Babies R Us do expect big crowds and for the shelves to empty quickly.
Toys R Us is struggling internationally, except in Asia. Thousands of buyers from around the world attend but back then, it was Lazarus whom manufacturers were most anxious to impress, said Marc Rosenberg, a veteran toy marketer and founder of SkyBluePink Concepts.