Retail Industry
Industry: Email Alert RSS FeedFAO Inc. files Chapter 11, plans closings
DSN Retailing Today, Jan 27, 2003
KING OF PRUSSIA, PA. -- FAQ Inc., the umbrella company of specialty toy retailers FAQ Schwarz, Zany Brainy and The Right Start, started the year off on the wrong foot. Having officially declared bankruptcy just two weeks into 2003, and having slated 75 to 80 stores to close, the specialty toy retailer will now race to get through the Chapter 11 process before the upcoming holiday season.
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For a company sprinting toward a seamlessly integrated business model of three unique concepts under one roof, FAO Inc.'s voluntary bankruptcy filing does buy the company more time. At press time, several vendors interviewed remained on the fence about whether to resume shipping or not. For more the full story, see www.dsnretailingtoday.com.
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