Exhibit 10.4

AMENDMENT NO. 1 TO THE

ADVISORY AGREEMENT

June 10, 2008

This Amendment No. 1 (this “Amendment”) to the Advisory Agreement among Toys “R”
Us Holdings, Inc. (“Holdings”), Toys “R” Us, Inc., (the “Company”), Bain Capital
Partners, LLC, a Delaware limited liability company (“BCP”), Bain Capital, Ltd.,
a company organized under the laws of England and Wales (“BCL” and, together
with BCP, “Bain”), Kohlberg Kravis Roberts & Co., L.P., a Delaware limited
partnership (“KKR”), and Vornado Truck LLC, a Delaware limited liability company
(“Vornado” and together with Bain and KKR, the “Advisors”), dated as of July 21,
2005 (the “Agreement”) shall become effective as of the Closing (as defined in
that certain Reorganization Agreement, dated as of June 10, 2008 (the
“Reorganization Agreement”), by and among Toys “R” Us, Inc., a Delaware
corporation (“Toys”), and Toys “R” Us Holdings, Inc., a Delaware corporation
(“Holdings”), and sole stockholder of Toys). Capitalized terms used but not
otherwise defined in this Amendment have the meaning given to such terms in the
Reorganization Agreement and/or the Agreement, as applicable.

 

1. Succession. Toys hereby agrees to succeed to all of the rights and
obligations of Holdings under the Agreement.

 

2. Recitals. The following is added as a Recital of the Agreement:

“WHEREAS, effective as of June 10, 2008, and in connection with consummation of
the reorganization and liquidation of Holdings pursuant to that certain
Reorganization Agreement, dated as of June 10, 2008 (the “Reorganization
Agreement”), by and among the Company and Holdings, each of the Boards of
Holdings and the Company adopted Amendment No. 1 to the Agreement (“Amendment
No. 1”).”

 

3. References to Holdings. From and after the closing of the transactions
contemplated by the Reorganization Agreement (the “Closing”), all references in
Sections 6, 7, 15 and 20 and in the definitions of “Affiliate” and “Initial
Shares” in Section 21 to “Holdings,” “Holdings, its subsidiaries” or “Holdings
or any of its subsidiaries” shall mean the Company and/or its subsidiaries, as
the case may be. References to “Holdings”, “Holdings, its subsidiaries” or
“Holdings or any of its subsidiaries” that relate to periods prior to the
Closing continue to mean Holdings and/or its subsidiaries, as the case may be.

 

4. Section 10.2. Section 10.2 of the Agreement is hereby amended by:

(i) adding the following definition as follows:

““Amendment No. 1” shall have the meaning set forth in the Recitals.”

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and (ii) amending the following definition as follows:

the definition of “Initial Shares” shall be amended by adding the phrase “or the
share exchange pursuant to the Reorganization Agreement” after the phrase “or
other recapitalization” and before the phrase “affecting such stock”.

 

5. References to Initial Shares. From and after the Closing, all references in
the Agreement to the “Initial Shares” shall mean the common stock, par value
$.001 per share, of Toys (defined as New Toys Common Stock in the Reorganization
Agreement) or, in the event that the outstanding shares of such Common Stock are
thereafter recapitalized, converted into or exchanged for different stock or
securities of the Company, such other stock or securities. References to the
“Initial Shares” that relate to periods prior to the Closing continue to mean
common stock of Holdings.

 

6. Date References. For the avoidance of doubt, at all times, all references in
the Agreement to “the date hereof” or the “Effective Date” shall mean July 21,
2005.

 

7. Continuing Force and Effect. The Agreement, as modified by the terms of this
Amendment, shall continue in full force and effect from and after the date of
the adoption of this Amendment set forth above.

 

8. Counterparts. This Amendment may be executed by the parties hereto in any
number of separate counterparts (including facsimiled counterparts), each of
which shall be deemed to be an original, and all of which taken together shall
be deemed to constitute one and the same instrument.

 

9. GOVERNING LAW. THIS AMENDMENT AND SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the
Advisory Agreement on the day and year first written above.

 

TOYS “R” US HOLDINGS, INC. By:   /s/ Gerald L. Storch Name:   Gerald L. Storch
Title:   Chief Executive Officer TOYS “R” US, INC. By:   /s/ Gerald L. Storch
Name:   Gerald L. Storch Title:   Chief Executive Officer BAIN CAPITAL PARTNERS,
LLC By:   /s/ Matthew S. Levin Name:   Matthew S. Levin Its:  

 

BAIN CAPITAL, LTD. By:   /s/ Matthew S. Levin Name:   Matthew S. Levin Its:  

 

KOHLBERG KRAVIS ROBERTS & CO., L.P. By:   KKR & Co. LLC By:   /s/ Michael M.
Calbert Name:   Michael M. Clabert Its:  

 

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VORNADO TRUCK, LLC By:   Vornado Realty L.P. Its:   Sole Member By:   Vornado
Realty Trust Its:   General Partner By:   /s/ Michael D. Fascitelli Name:  
Michael D. Fascitelli Its: