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Charles P. Lazarus who founded Toys “R” Us, has passed away at the age of 94. He was popularly known for as the founder of Toys “R” Us company 70 years ago. So, what was Charles Lazarus net worth before his death?
Prior to his death, Charles Lazarus net worth is estimated to be somewhere between $100 million and $150 million. In 1966, he had four stores that together sold about $12 million worth of toys each year. In 1987, he made over $60 million making him No. 1 in its ranking of highest paid executives on Forbes list. In 2013, Charles sold his penthouse in Manhattan for $21 million.
Charles was born on October 4, 1923 in Washington to Frank and Fannie Lazarus. After World War II, Charles first decided to go for business selling Toy. His business was skyrocketing and by the early 1950s, he made enough money to open a second store. So, in 1957 he opened a second toy supermarket which he named Toys “R” Us. After enormous success, he opened even more stores in United States and began expanding his business internationally. By 1993, his company opened stores all over the world including in Australia, Belgium, the Netherlands, Portugal and Switzerland.
In 1994, Charles Lazarus stepped down as chief executive officer and chairman four years later after the company faced competition from online retailers like Amazon, Wal-mart stores. In 2005, Bain Capital LLC, KKR & Co. and Vernado Realty Trust took over Toys “R” Us in a $7.5 billion leverage buyout.
Regarding his personal life, he married his third wife an interior decorator, Joan Rogenbogen in 1995. He was previously married to Austrian-American sex therapist Helen Singer Kaplan for 16 years until she died of cancer at the age of 66.
He had two daughters named Ruth and Diane with his first wife Udyss. His first marriage ended in divorce in 1997. On March 22, 2018 Charles died at the age of 94. His death comes after the company announced it would close all US and UK shops and seek bankruptcy protection.