US chain goes down

KB Toys, one of the biggest toy chains in the US, has filed for Chapter 11.
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It plans to close all of its 460 stores,but is trying to find a buyer for its wholesale distribution unit.

KB filed a Chapter 11 petition in Federal Bankruptcy Court in Delaware, along with eight affiliates, listing assets in the range of $100 million to $500 million and liabilities in the same range.

The firm started in 1922 as a family-owned business, previously filed for bankruptcy protection in 2004 and emerged from bankruptcy in 2005 after selling itself to Prentice Capital Management.

It has 10,850 employees, about 6,515 of them seasonal. About 277 stores are located in malls. Some 30 operate seasonally and were set to close in January.

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