KB Toys Gets Coal for Christmas; Liquidation Imminent
In the midst of the biggest toy shopping month of the year, the 80-year-old retailer is facing liquidation, says The Wall Street Journal. A going-of-business sale is expected to start immediately.
This is the second time the retailer has filed for protection. In its filings in U.S. Bankruptcy Court in Delaware, the company said it had debts ranging from $100 million to $500 million. It assets were in the same range.
The toy company shuttered nearly 200 stores, mostly located in malls, including one in the Berkshire Mall in Lanesborough, when it went into Chapter 11 bankruptcy two years ago.
The company maintains its headquarters on West Street in Pittsfield and operates KB Toyworks in the Allendale Shopping Center.
KB still operates nearly 300 mall stores, more than 100 outlets and 40 Toyworks across the country along with online ordering. The company has more than 10,000 workers; as of last year, about 270 were employed at its Pittsfield headquarters.