It's possible that we may see a return to life for the Toys R Us and Babies R Us brands. The failed retailer has canceled its bankruptcy auction according to the Wall Street Journal.

The auction was intended to sell off the company's intellectual property like the trademarked brand names, website domains, and the Geoffrey the Giraffe mascot. But a reorganization plan would allow the company to once again use those assets in order to relaunch a new retail business.

Obviously, it's too early in the game to know whether or not the attempt to resurrect the once-giant toy retailer will succeed. The fate of the Toys R Us and Babies R Us store on Linden Rd. in Flint Township is still yet to be determined.