KB Toys to Emerge From Bankruptcy
Pittsfield, Mass., KB Toys Inc. expects to emerge from Chapter 11 bankruptcy protection around Aug. 29. The company has been in bankruptcy for one year and eight months after having to participate in price wars with discount chains. A bankruptcy judge in Delaware approved KB Toys’ reorganization plan.
The company will now be under control of a subsidiary of New York City investment firm Prentice Capital Management. Michael L. Glazer, KB Toys’ chief executive, will be replaced by Gregory R. Staley, new president and CEO. Staley was previously president of Toys “R” Us’ U.S. and international divisions. Roger V. Goddu will be a director and consultant at KB Toys. He is a former CEO of Montgomery Ward and a former president at Toys “R” Us.
Pantry Acquires 23 Stores
Sanford, N.C., The Pantry completed the acquisition of 23 Sentry Food Mart c-stores in Virginia. The stores had been owned by Angus I. Hines and generated revenue of $122 million in 2004. Terms of the deal were not disclosed.
Whole Foods Announces Plans for London Flagship
Austin, Texas, Whole Foods Market announced today that it plans to open a 75,000-sq.-ft. flagship store in central London on Kensington High Street. The expected opening date is early 2007.
According to chairman and CEO John Mackey, the United Kingdom is an obvious choice “due to the advanced acceptance of organic foods and the lack of a language barrier.”
The world’s leading natural and organic foods supermarket had acquired U.K.-based Fresh & Wild, a small chain of natural and organic food stores, in January 2004 and subsequently announced its intention to find a site for a large-format Whole Foods Market store in the London area.