KB Toys Files For Chapter 11 Bankruptcy Protection & To Close Stores
Bad economic times continue to impact the toy world today as KB Toys retailer has filed for Chapter 11 bankruptcy protection and will begin closing its retail stores.
KB intends to close its retail stores — consisting of 277 shopping mall locations, 114 outlets, 40 KB Toy Works stores, and 30 holiday stores — and sell its wholesale distribution business.
According to the New York Times, representatives of KB said that these actions are due to "a sudden and sharp decline in consumer sales due to macro-economic concerns,"
Look for going out-of-business sales to start immediately.
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