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FAO to File for Bankruptcy Protection; Firm to Sell Famed FAO Schwarz Stores.
Knight Ridder/Tribune Business News, December, 2003
By Paul Owers, The Palm Beach Post, Fla. Knight Ridder/Tribune Business News
Dec. 3--It looks bleak for famed toy giant FAO Schwarz, despite a recent sales surge at its CityPlace store.
Financially troubled parent FAO Inc. said Tuesday it again will file for Chapter 11 bankruptcy protection, which will allow the company to sell its FAO Schwarz and The Right Start operations and liquidate its Zany Brainy brand.
Lenders want FAO to sell the inventories by Dec. 15. If it can't find a buyer by then, the King of Prussia, Pa.-based retailer expects to go out of business by early next year.
FAO Inc. first filed for Chapter 11 in January, closing 111 stores. It agreed to pay reduced rent to keep open its signature store at CityPlace...
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