Manufacturing Industry
KB Toys is liquidating after Chapter 11 filing.
Plastics News, December, 2008
KB Toys Inc. is liquidating its shelves while under Chapter 11 bankruptcy protection.
The toy retailer said liquidation was its best move to maximize the value of the business. It petitioned for bankruptcy protection in a Dec. 11 filing with U.S. Bankruptcy Court in Wilmington, Del.
"The liquidity crisis is directly attributable to a sudden and sharp decline in consumer sales due to macro-economic forces,'' said KB Toys vice president and controller Raymond Borst in an affidavit.
The company's sales fell 19.8 percent ...
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