The company was originally established by Henry Orenstein as "Deluxe Toy Creations" in 1951. In late 1950s, Orenstein sold the company for $2 million (although he continued in charge of the business), and the name was changed to "Deluxe Reading Toys". Orenstein would buy back the company in 1966 for $49 million, also bringing back the "Deluxe Topper Toys" name.