New York – KB Toys has filed for bankruptcy protection for the second time in four years and will close all of its stores.
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KB Toys, reported debt between $100 million and $500 million and total assets in the same range.
Like most other retailers this holiday season, the toy seller had aggressively cut prices to entice cash-strapped shoppers, offering hundreds of toys for $10 or less.
KB Toys filed for bankruptcy in 2004 and emerged nearly two years later as a subsidiary of investment firm Prentice Capital Management. The more than 80-year-old company operates 460 stores.
Problem is – its almost impossible to compete with closeout stores and internet sellers who don’t have the same overhead and labor costs.
It is very scary. more hoolems in the street with out jobs.
Oy vay,no chanukah presents this year!
Oh well, I guess distributing little dolls that say: “Islam is the way” are bad luck
#3 is correct. Wal-Mart & Target are huge sellers of toys. Plus you can find good deals at Amazon.com and other places.
Unless if you run your own business, most people have no clue about overhead and labor. This is a huge problem here. Fear not, Obama will fix this by helping his liberal friends pass the card check rule. Then we’ll have unions in all businesses.
Maybe we can buy toys for half price online before they close shop ( for all those that need channuka gifts )
They were poorly updated, all the toys were from 10 years ago, you could still find black and white game boys there. They never kept up with the times. Go out and buy while they liquidate.