KB Toys To Leave Bankruptcy Behind
Following plans for re-organization, which have been confirmed by the bankruptcy courts, KB Toys has announced plans to emerge from bankruptcy during the coming week. Outgoing president and CEO Michael Glazer said: "We're really thrilled, and I think we're well positioned to hopefully return to the prosperity KB Toys has enjoyed in the past."The bankruptcy court recently confirmed the re-organization, but a ten day period has to follow this so that any relevant parties can appeal if they wish to do so. KB Toys planed to emerge from the bankruptcy on 29th August. "I think we're fairly confident that the process will go as expected," Glazer said.
Glazer is set to resign as part of the re-organization, and his position will be taken by Gregory Staley. We plan to create a fun and customer-friendly shopping experience, full of new products and great prices," Staley said in a written statement. "KB Toys has a rich history – we expect the new KB Toys will be even better."
He added: "The plan of reorganization was based on certain projections. including the fact that the corporate headquarters will remain here in Berkshire County, and there will be no change for the local company in terms of our retail presence, either."
Topic Added October 11th, 2005
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Following plans for re-organization, which have been confirmed by the bankruptcy courts, KB Toys has announced plans to emerge from bankruptcy during the coming week.
Topic Added October 11th, 2005
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