US retailer to cut stores?

US retailer KB Toys plans to close 156 stores across the country, according to reports.
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The retailer, with fewer than 600 stores, plans to hand over management of the selected shops to liquidators Gordon Brothers and shut them for good in January, according to a leaked memo from a KB executive to employees.

The firm declined to comment on the documents or potential store closings.

KB Toys filed for bankruptcy in 2004 after a price war with Wal-Mart caused sales to plummet. At that time the chain operated 1,231 stores.

Private equity firm PKBT Funding became majority owner in 2005 when the chain emerged from bankruptcy.


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