Subject:
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KB Toys shuts down 375 stores
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Newsgroups:
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lugnet.market.shopping
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Date:
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Thu, 29 Jan 2004 12:44:49 GMT
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Viewed:
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489 times
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From CNNmoney
http://money.cnn.com/2004/01/28/news/companies/kb_toys.reut/index.htm
Bankrupt toy retailer also says it will cut 3,500 jobs as it works to
restructure.
NEW YORK (Reuters) - Bankrupt toy retailer KB Toys Inc. said Wednesday it is
closing at least 375 of its stores and cutting 3,500 jobs as it works to
restructure.
KB Toys, which is controlled by private equity firm Bain Capital, said it
received bankruptcy court approval to hire The Ozer Group LLC, The Nassi Group
LLC and SB Capital Group LLC to conduct the store-closing inventory sales in at
least 356 stores beginning January 29.
By Feb. 11, KB will choose 19 to 115 more stores for closing. It expects to sell
up to $122.5 million of inventory through the store-closing process.
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