Marvel Toys (formerly Toy Biz and Charan Toys) was a merged toy division of Marvel Entertainment. ToyBiz originated in Montreal, Quebec as Charan Industries’s American brand. Reincorporated in 1988, ToyBiz became an American firm. Toy Biz became a major producer of Marvel character toys and partially owned by Ronald O. Perelman‘s Marvel Entertainment Group in 1993. The toy division of Marvel was shut down during Marvel’s bankruptcy in 2008. The division was shut because Marvel Entertainment could not afford to have any in-house manufacturers any longer. Both Hasbro and Jakks Pacific purchased the trademarks to some of the characters and brands when the company folded.