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The credit crunch has hit another toy retailer this time in the United States as K.B Toys (one o the biggest toy chains in the US) have filed for Chapter 11 bankruptcy in the

Federal Bankruptcy Court in Delaware listing assets in the range of $100 million to $500 million dollars.

  KB plan to close all of its 460 stores, but are trying to find a buyer for its wholesale distribution unit.  KB employ 10,850 staff with over half o them seasonal workers.  The first dates back to 1922 and previously filed for bankruptcy protection in 2004 but emerged from that in 2005 after selling itself to Prentice Capital Management.

Category: Toy Industry News | Submitted by: quartz - on: Monday, 15th December 2008 at 08:52:55 GMT | Share: | Discuss: Read on

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