Denver Struggling retailer Parent Co. said it has voluntarily filed for Chapter 11 bankruptcy protection and will consider selling some or all of its operations. The company was created in Jan. 2008 when the combination of Denver-based eToys with Jupiter, Fla.-based Baby Universe decided to officially change its name to something that described its new focus on growing families.
"This action is an unfortunate but necessary and responsible step to preserve the company's value for our stakeholders in light of the ongoing challenging retail environment," chief executive Michael Wagner said in a statement.
Parent Co. has until Feb. 23 to send a compliance plan to Nasdaq, at which point the exchange may give the company until June 22 to follow through with the plan.
Parent Co. also said it hired Oppenheimer & Co. to help assess its strategic options.