Recently closed retailer Toys R Us has said it will not auction off its assets, opting to try to revive the brand.

Since ceasing business operations, the next step for the owners of Toys R Us would be to auction off its intellectual property such as the brand names Toys R Us and Babies R Us, along with the website, registry lists, and the mascot Geoffrey the Giraffe. However, in papers filed on Monday, the company confirms they've received offers on their assets, but they have decided to not sell and instead will be focusing on reviving the company.

The news of a potential company revival comes days after Toys R Us private-equity backers Bain Capital and KKR & Co. announced they would be setting up a $20 million fund to provide severance to the 33,000 people who lost their jobs in the company closure.

According to the Wall Street Journal, the decision to not sell the assets came after a meeting with the controlling parties, who also called for the closure of the company. Court records indicate that the hedge funds and lenders decided that the brand itself is a valuable piece of collateral, and that liquidating the assets would not provide as much of a financial solution to creditors and other debts as it would to maintain the brand and relaunch.

The relaunch would be only in the United States at this time, with another group placing a bid to acquire the brand's Asian properties.