Mattel set to acquire children's tablet maker Fuhu

After filing for bankruptcy, Fuhu has proposed a $9.5 million sale to Mattel.
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After filing for Chapter 11 bankruptcy earlier this week, children’s tablet maker Fuhu has proposed a sale of $9.5 million to Mattel, which will see the company acquire the assets of the tablet creator.

Known for its nabi-branded tablets, Fuhu accepted a $300,000 loan from Mattel earlier this week to fund its bankruptcy proceedings, but The Los Angeles Times claims Mattel is now set to acquire the company

In a statement, Jim Mitchell, CEO of Fuhu, said: “We expect to be able to satisfy on-going obligations to customers, vendors and employees pending the sale and ensure the bright future of the nabi franchise with the proposed acquisition and with the protections afforded by the Bankruptcy Code.

“Most importantly, we expect to continue to ship our award-winning nabi products to our customers, provide support and troubleshooting to our customers, honour existing nabi shop gift cards, and continue to develop our award-winning software, including nabi Pass, the kid-safe app and content subscription service."

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