KB Toys plans going-out-of business sales
Published: Fri, Dec. 12, 2008 12:30AM
Modified Fri, Dec. 12, 2008 01:44AM
E-Mail
Print
tool name
closeNEW YORK -- In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday and plans to begin going-out-of business sales at its stores immediately.
The 86-year-old company said in a filing that its debt is "directly attributable to a sudden and sharp decline in consumer sales" because of the poor economy.
That a toy retailer filed for bankruptcy just before Christmas shows how bleak things have become, since such stores make up to half of their sales during the holidays.
More B Business
In the Triangle, there are two KB Toys stores, at Carolina Premium Outlets in Smithfield and Cary Towne Center. The chain has more than 400 stores and joins a growing list of bankrupt retailers, including Circuit City and Linens 'N Things.
All rights reserved. This copyrighted material may not be published, broadcast or redistributed in any manner.
Get it all with convenient home delivery of The News & Observer.
The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.
Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.
If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.
