KB Toys files for Chapter 11 bankruptcy protection for second time in 4 years
In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday and plans to begin going-out-of business sales at its stores immediately. The 86-year-old company said in a filing that its debt is "directly attributable to a sudden and sharp decline in consumer sales" because of the poor economy. That a toy retailer filed for bankruptcy just before Christmas shows how bleak things have become, since such stores make up... Full Story
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