FINANCE

KB Toys Gets Green Light on Liquidation

BY CSA STAFF

Pittsfield, Mass. Following the approval of a Delaware bankruptcy judge on Thursday, KB Toys commenced its going-out-of-business sale chain-wide on Friday. Judge Kevin Carey granted the request after attorneys ensured that KB Toys resolved issues with landlords and creditors concerning rent and other legal operating issues.

“I can see no other alternative,” Carey said. “We’re at a time of year where, unless the going-out-of-business sales go forward now, there’s hardly any sense in doing it.”

With the judge’s approval, KB Toys will pay store-closing bonuses of up to $1,500 to store managers and assistant managers to ensure that the sales proceed smoothly. Without the bonuses, KB would be subject to a “mass exodus” of critical employees, which would have negatively affected store operations even further.

The liquidation sale is expected to run through Feb. 9.

KB Toys filed for Chapter 11 bankruptcy protection on Dec. 11. The filing allows the company to retain more control of its assets during the liquidation sales than it would have under a typical Chapter 7 liquidation, which requires companies to give up their assets and property.

KB Toys, which emerged from an initial bankruptcy filing in 2005 as a subsidiary of investment firm Prentice Capital Management, has about $480 million in annual sales. The chain operates 277 mall-based stores, 114 outlet stores, 40 KB Toy Works stores and 30 temporary holiday stores. The chain also employs approximately 10,800 employees. More than half of these associates are temporary seasonal workers.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Hannaford to implement Retail Solutions POS service

BY CSA STAFF

SUNNYVALE, Calif. Hannaford, which operates 167 stores in the Northeastern United States, will start sharing product point-of-sale (POS) data by store, by day and by SKU using Retail Solutions Demand Signal Management (DSM) solution.

“We look to Retail Solutions to help our suppliers access and leverage our data,” said Scott Craig, director of supply chain services, Hannaford. “Retailer-supplier collaboration is a key strategy for Hannaford and we need a single version of the truth – a rich, up-to-date data set on which to base our decisions. Retail Solutions provides this data foundation at a minimum effort and cost for all parties.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

SuperTarget among healthiest groceries

BY CSA STAFF

MINNEAPOLIS Health magazine has chosen SuperTarget as one of the top ten healthiest grocery stores in the United States.

To chose the 10 healthiest stores, Health magazine teamed up with a panel of nutrition experts to review the 35 largest grocery stores on  freshness of produce, taste of prepared foods, healthfulness of packaged goods and availability of supplemental nutritional information.

“The recognition by Health magazine acknowledges our commitment to providing SuperTarget guests with healthy, high quality food options at low prices,” says Greg Duppler, senior vp of Target. “Through our certified organic produce department, better-for-you food choices and Archer Farms collection, SuperTarget makes healthy shopping easier for our guests.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...