EdwardKnoxII 0 Report post Posted January 29, 2004 http://channels.netscape.com/ns/pf/story.j.../1606648392.htm KB Toys to Close 375 Stores NEW YORK (Reuters) - Bankrupt toy retailer KB Toys Inc. said on Wednesday it will close at least 30 percent of its stores and cut 29 percent of its jobs as it tries to revamp itself in time for the 2004 holiday shopping season. KB Toys, controlled by private equity firm Bain Capital, said it plans to close at least 375 stores and fire about 3,500 of its 12,000 employees. Pittsfield, Massachusetts-based KB filed for bankruptcy earlier this month after fierce competition from big discount retailers and toy price wars cut deeply into the key toy buying weeks after Thanksgiving. "Closing these stores is a major step in KB Toy's restructuring process," KB Chief Executive Michael Glazer said in a statement. The stores slated for closing are underperforming or do not fit in with KB's "strategic plans," Glazer said, and the closures will allow the company to cut costs. The holiday period is usually the big money maker for toy retailers, but this latest season brought severe competition as Wal-Mart Stores Inc. (WMT), Target Corp. (TGT) and other major players slashed prices to lure customers. FAO Inc. (FAOOQ.PK), parent of upscale FAO Schwarz toy stores filed for bankruptcy twice in 2003, both times crippled by weak sales and stiff price cutting by rivals. KB, which runs mostly mall-based stores, said it received bankruptcy court approval to hire The Ozer Group LLC, The Nassi Group LLC and SB Capital Group LLC to conduct the store-closing inventory sales in at least 356 stores beginning Jan. 29. By Feb. 11, KB will choose 19 to 115 more stores for closing, and ultimately will run roughly 750 stores. KB will post a list of stores to be closed on a company Web site (http://www.kbtinfo.com). The company expects to sell up to $122.5 million worth of inventory through the store-closing process. Share this post Link to post Share on other sites
Paul Stanley 0 Report post Posted January 29, 2004 More Clearance stuff for me Share this post Link to post Share on other sites
the max 0 Report post Posted January 29, 2004 *can't wait to buy Clearance LOTR and WWE figures for 1.99* Share this post Link to post Share on other sites
Hoff 0 Report post Posted January 29, 2004 "Closing these stores is a major step in KB Toy's restructuring process" One wonders if this process is getting owned by Toys R Us. Share this post Link to post Share on other sites
Vyce 0 Report post Posted January 29, 2004 You can't beat Target prices. I collect the 3.75" G.I. Joe figures, and you can frequently buy them for under 8 bucks there - sometimes, if you catch them on sale, you can get them for under 7. NO ONE sells them cheaper.......except perhaps Wal-Mart. Share this post Link to post Share on other sites
AndrewTS 0 Report post Posted January 29, 2004 I don't know what the prices are on their toys, but until the sale they've had really high prices on video games. GBA games that are normally $29.99 run from $34.99 to 39.99 at my KB, and they still have Dreamcast and N64 games at brand-new prices sitting on the shelves. Of course, the price isn't the only problem, since who the hell is going to buy WWF Attitude and WCW Backstage Assault now period? Well, *maybe* for a buck each, but even that's stretching it. Although I did get Dark Cloud 2 for 15 bucks. Share this post Link to post Share on other sites
Damaramu 0 Report post Posted January 29, 2004 I remember when I was a kid and bought X-Men and WWE figures. They were typically 4.99 at Toys R US and Wal-Mart...compared to 6.99 at K-B. Share this post Link to post Share on other sites
Guest FrigidSoul Report post Posted January 29, 2004 KB Toys always sells their shit at higher prices and their stores are always small cramped holes in a mall. You walk down the aisles and the toys are on the floor or on the shelf that catches the stray toys when they fall off the hooks. I watched one employee just go up and down the aisles scooting the toys over to the sides of the aisles with his feet rather than picking them up and making the place look neat, thus damaging the over priced goods...its no wonder they're bankrupt. Share this post Link to post Share on other sites
AndrewTS 0 Report post Posted January 29, 2004 My KB has the cramptness situation too, but I've never seen something like that, Frigid, at least not at the one that's around here. We had a Family Toy Warehouse around here that had the same issue with pricing, except the store was large, spaceous, and had a good location (next to Wal-Mart). Maybe it's that the prices were better at Wal-Mart (although WM wouldn't have a lot of stuff FT would), or maybe the space cost a lot, or maybe the whole chain went bankrupt. Is Family Toy around anymore? Ames--was good with prices on some stuff, but not others (including, yup, video games). However, they remodeled, wasting a ton of money...and went out of business. Bloody brilliant. Share this post Link to post Share on other sites
Rendclaw 0 Report post Posted January 29, 2004 I think the best toy store was Child World, although the one I worked at was a dump run by assholes... I found an AD&D module worth 18 on the shelf for 4 bucks... I remember at one point myself and two friends were working there, and it was a lot of fun... though one manager's attitude led to us quitting in sequence.. then again I was 17 at the time and I was a lazy ass bitch... KB had this coming for years. Their stores were cramped with merchandise on the floor way back during my mall-rat days. Shopping there during Christmas season was an exercise in contortion. That and their overpricing were definite signs that Chapter 11 was on the horizon.. It was an idea that was good back in oh, 1982, but a horrible idea in 2004. Share this post Link to post Share on other sites
Aero 0 Report post Posted January 29, 2004 I work at KB, but my store isn't closing down anytime soon. We get all these people coming in just to ask when we're shutting down. Share this post Link to post Share on other sites
Guest ToddRoyal Report post Posted January 29, 2004 I work at KB when I'm home from school (vacations and occasional weekends), and one of the stores on the closing list is the one I started at, and still work at from time to time when my store is short on hours. So this kinda sucks. Also, being only part-time, I'm worried I won't have a job come summer. Sigh. Share this post Link to post Share on other sites
DerangedHermit 0 Report post Posted January 31, 2004 Meh...only two on LI closing - the one in Walt Whitman Mall and the other in Green Acres Mall...I may be near Walt Whitman tomorrow. I'm shocked that they didn't choose to close the one in Medford. Share this post Link to post Share on other sites
Internet Warfare 0 Report post Posted January 31, 2004 It doesnt say wich are closing, hopefully one nearby is. Share this post Link to post Share on other sites
DerangedHermit 0 Report post Posted February 1, 2004 It doesnt say wich are closing, hopefully one nearby is. I saw a list somewhere...... Here (you'll need Acrobat Reader) http://www.kbtinfo.com/GOBStoreList012804.pdf Share this post Link to post Share on other sites
Eclipse 0 Report post Posted February 2, 2004 I knew this was going to happen. The nearest KB Toys near me seemed like one of the least visited stores around here. I was supposed to work there, but they never transferred me there. The store was kinda small, and not to many ppl went there. Now, it is closing. Messed up.... Share this post Link to post Share on other sites
Guest Smues Report post Posted February 3, 2004 The one I go to is closing. Even has a big sign hanging above the entrance stating such, and yet when I was there some customer was complaining about the crap in the aisles and said "You'll lose customers if you don't keep crap off the floor!" I'm sure they care about losing customers right now. Share this post Link to post Share on other sites
Ced 0 Report post Posted February 3, 2004 I'm a bit surprised that the KB store near me isn't closing. It's got the shittiest prices I've seen and the Toys R Us a mile away murders it in values. But it's in a relatively new mall (4 years old IIRC) and the mall gets extraordinary business during the holidays so that works for it. Share this post Link to post Share on other sites
Anakin Flair 0 Report post Posted February 3, 2004 Seems like all the ones in St. Louis are closing. Even the one in the newly remodeled West County mall. Share this post Link to post Share on other sites
Slingshot Suplex 0 Report post Posted February 4, 2004 Yet somehow Cape Girardeau survives,Naitch Share this post Link to post Share on other sites
Internet Warfare 0 Report post Posted February 5, 2004 It doesnt say wich are closing, hopefully one nearby is. I saw a list somewhere...... Here (you'll need Acrobat Reader) http://www.kbtinfo.com/GOBStoreList012804.pdf Yep, they seem top be closing the one by me. Clearence! Share this post Link to post Share on other sites
razazteca 0 Report post Posted February 5, 2004 Damn nobody in the DFW area likes KB Toy stores, it has 8 closing. Share this post Link to post Share on other sites
the max 0 Report post Posted February 5, 2004 Closest one to me is Miami Over an hour away. Share this post Link to post Share on other sites
Guest JumpinJackFlash Report post Posted February 6, 2004 A few days ago, I went to KB Toys and saw a Brian Christopher and a Chris Candido doll. Pretty interesting....they were at least 5 years old, hanging out in the back corner of the store. Share this post Link to post Share on other sites
Guest stardust Report post Posted February 6, 2004 *can't wait to buy Clearance LOTR and WWE figures for 1.99* They're $2.99 at the one here. I thought about buying you a couple earlier, too. Share this post Link to post Share on other sites
Guest stardust Report post Posted February 6, 2004 Damn nobody in the DFW area likes KB Toy stores, it has 8 closing. Damn. The one here in Denton is friggin tiny, but I'm surprised they're closing the Lewisville and Frisco ones considering those are both considered "Mommy malls." Well, Frisco moreso than Lewisville. Hell, they closed the one in Waco back in like the early 90s or something though. Share this post Link to post Share on other sites
DerangedHermit 0 Report post Posted February 6, 2004 A few days ago, I went to KB Toys and saw a Brian Christopher and a Chris Candido doll. Pretty interesting....they were at least 5 years old, hanging out in the back corner of the store. I'm feeling a range of emotions Share this post Link to post Share on other sites
The Czech Republic 0 Report post Posted February 6, 2004 I'm feeling a range of emotions Careful, you're like two smileys away from being DJ Jeff. "I like stalking girls!" Share this post Link to post Share on other sites
