KB Toys starts going-out-of-business sale
Just as the end of the holiday shopping season closes in, KB Toys Inc. has launched a going-out-of-business sale for all its 461 KB Toys, KB Toy Outlet, KB Toy Works and KB Toys Holiday Stores.
The 86-year-old Pittsfield, Mass.-based toy retailer declared bankruptcy Dec. 11 for the second time in three years. Although it was able to re-emerge after closing half its stores in 2005, there will be no re-emerging this time. KB Toys has stores in Crossgates Mall, Colonie Center, Rotterdam Square Mall and Wilton Mall.
A news release from the company stated that “despite the success that KB Toys had over the last year in improving the retail, wholesale and operational areas of its business, the downturn in consumer spending compounded by a tightening of credit sources have necessitated the closing of all its stores.”
The going-out-of-business savings will start at 40 percent off regular prices. Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors, and Great American Group, a provider of asset management, disposition and financial services, are assisting KB Toys in running the final sale.
The company expects to close its doors in the U.S., the American Territory of Guam and the commonwealth of Puerto Rico by early February 2009.
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This is tough. Pittsfield is only a 45 minute drive from Albany, NY. There are many people in our area who work for this company, not to mention all of the sale associates at their stores in Crossgates and Colonie Center shopping malls. How many more business are going to be closing?
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