RETAILING

Arbitrator Issues Award Against Toys R Us: The toy retailer said an arbitrator issued a $46-million award against it in a dispute involving a licensing agreement for toy store operations in the Middle East. The Rochelle Park, N.J.-based company said the award, plus interest from Dec. 31, 1994, was issued in favor of Yusuf Ahmed Alghanim & Sons by an arbitrator at the American Arbitration Assn. Toys R Us said it intends to challenge the award in court, and a company representative declined to comment on the decision, which was rendered July 12. Michael Tumolo, a company vice president, said the dispute involved a 1982 licensing agreement in which Alghanim & Sons was to create and operate various toy stores in several Middle East countries outside Israel.