Just when you thought Toys "R" Us was down for the count, the toy retailer is preparing for a comeback!

The controlling lenders of Toys "R" Us have put the brakes on a bankruptcy auction, deeming the name and IP brand of Toys "R" Us too valuable to auction off.

Toys "R" Us is now looking at their options for a revival of the iconic brand -- a news release issued Tuesday talked about the future of Toys "R" Us:

Our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.

The bankruptcy auction has been canceled and Toys "R" Us is reorganizing. I'm not sure what that means for us, but it would be great to see an online presence or a new store opening in the near future -- I mean after all, we are all Toys "R" Us kids, right?

You can check out more details on the Toys "R" Us revival here.