KB TOYS WILL CLOSE 375 STORES RESEDA AND OAKS TO BE SHUTTERED.Byline: Brent Hopkins Staff Writer Though KB Toys K•B Toys (previously known as Kay Bee Toys) is a chain of mall-based retail toy stores in the United States. It was founded in 1922 by the Kaufman brothers. It currently operates 605 stores in 44 U.S. states, Puerto Rico as well as Guam. will shutter at least 375 stores and lay off nearly a third of its workers, the bankrupt chain announced Thursday, the local area will be largely spared. The Pittsfield, Mass.-based toy seller will close two of the 12 shops it currently operates in the greater San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . Stores in Reseda and Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. started going-out-of-business sales on Thursday and will be closed within six weeks. But with an affluent population, large numbers of families and less direct competition from massive discounters, the local area fared relatively well. ``Stores need to be making a significant contribution to KB Toys' bottom line to continue moving forward,'' said John Reilly John Reilly can refer to:
A trio of liquidation specialists, including Westlake Village-based The Nassi Group, will handle the closures. They've already commenced sales at 20 percent to 40 percent off, hoping to sell through $122.5 million worth of inventory to allow KB to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. itself against the new threat of discount chains like Wal-Mart and Target. The discounters have both used toys as loss leaders, selling them below wholesale price to attract shoppers, who in turn buy full-priced clothes, electronics and staples. Retail and toy experts don't expect KB, whose history dates back more than 80 years, to follow the recently bankrupt FAO FAO, n See Food and Agriculture Organization. Schwarz into closure. ``We paid 45 cents on the dollar (for) the $122.5 million, so that should bring in $55 million in cash,'' said Albert Nassi, managing member of The Nassi Group. ``That would give them a nice war chest so they could continue for quite a while. And they're an institution, so everyone knows them as a toy store A toy store, or toy shop, is a retail business specializing in the services of selling toys. No longer held to the limitations of the brick and mortar outlet, the toy store has successfully created a presence within the e-commerce industry. , where you can walk in and find almost everything you want.'' Brent Hopkins, (818) 713-3738 brent.hopkins(at)dailynews.com Toy Turmoil Local KB Toys stores closing --512 W. Hillcrest Drive, Thousand Oaks --19407 Victory Blvd., Reseda CAPTION(S): box Box: Toy Turmoil (see text) |
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