KB Toys eyes return after Toys 'R' Us files for bankruptcy
- Author: Ronnie Bowen Mar 21, 2018,
Mar 21, 2018, 7:59
"Consumers will not put an end to buying toys because their local Toys "R" Us store closed its doors", Lennett said.
The toy store chain in early February started liquidation sales at 144 stores in the USA after for filing for Chapter 11 bankruptcy in September.
For now, if you have gift cards or participate in Toys R Us's rewards programs, you might want to hustle in to use them. The company's liquidation filing last week will trigger clearance sales that could begin as soon as Thursday at the locations that had not already planned to close.
Some Toys "R" Us investors are mulling whether to salvage some stores as part of a slimmed-down version of the business, the New York Post reported.
"My assumption is that there's about half a billion dollars worth of toys that have been produced for Toys "R" Us with no place to go", said Strategic Marks president Ellia Kassoff, in a phone interview with CNNMoney. Otherwise, the operation is expected to take 14 weeks.
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KB Toys says its planning a comeback!
Toys "R" Us kids, it's time to grow up... Creditors pushed for liquidation because they saw it as the most likely way to be repaid.
"It's a tough decision, in the way that pulling life support from a brain-dead patient is a tough decision", said James Wilton, attorney for the vendor Thorley Industries.
Some suppliers are demanding the company return any unpaid inventory rather than sell it, court papers showed. The hearing drew so many attorneys that a second courtroom, with an audio link, had to be used to hold the overflow crowd.