Major toy retailer, KB Toys, going out of business

[Protoform X]

KB Toys is going out of business, victim of the economy. Here are some of the most recent news articles about this situation ...

KB Toys Succumbs to Holiday Slump (http://dealbook.blogs.nytimes.com/2008/12/11/kb-toys-succumbs-to-holiday-slump/)
New York Times - December 11, 2008, 10:47 am

The anemic holiday shopping season has already taken its toll on one major retailer: KB Toys, the toy chain, has filed for Chapter 11 bankruptcy protection in Delaware, saying in court documents that it plans to hold going-out-of-business sales at its hundreds of stores.

KB Toys to Liquidate (http://www.playthings.com/article/CA6621869.html)
Playthings.com, 12/11/2008 9:38:00 AM

The move was the result of a "sudden and sharp decline in consumer sales due to macro-economic concerns," according to the company’s court filings, and in particular pointed to a nearly 20 percent drop in same-store sales between Oct. 5, 2008, and Dec. 8, 2008. In the previous eight months of its fiscal year, same store sales had been up 0.36 percent.

KB Toys Files Bankruptcy, Citing ‘Sudden’ Sales Drop (http://www.bloomberg.com/apps/news?pid=20601087&sid=alirQ9fpgzC4&refer=home)
Bloomberg.com - December 11, 2008 11:16 EST

KB Toys Inc., the 86-year-old toy retailer, filed for bankruptcy three years after leaving court protection, blaming a cash crisis caused by a “sudden” drop in sales at its 277 stores.

[Spawnomite]

Huh. It was gonna happen eventually. KB toys sucks anyways!

[theMahl3r]

Not surprised. I worked for a local KB store based in our mall. The prices were always a bit too high, even with the discount we got. Lots of their stores here in north Texas have closed over the course of the past few years. I kinda surprised it didn't happen sooner.

[Animal Mother]

Like Spawnomite said, it was inevitable, but the KB's here are good stores (got my DCUC exclusives easy enough).

I'll always have found memories of them. From only window shopping at the store in the 80's, hoping to find what they had elsewhere for cheaper, to all the buying I did of their cheap Marvel and McFarlane figures from the mid to late 90's.

[j97e]

Prices at KB are not higher than TRU, but they sure have better and more frequent clearance sales for their peg warmers. I got lots of my Spawn figs from them, and most of my Dragons, so I will miss them if they close their stores in Central Jersey :(

[bborst]

I think the government should bail them out.

[moviemaniacks]

not that surprised, they are pretty small time compared to TRU, Wal Mart, etc. They were good for their discounts/clearances though.

[frymasterak]

KB was the only place I could get Spawn series 3-5. I think they were a hefty 7.99 then.

[Bender]

the 2 stores they had in my city were closed years ago here, I got almost all of my TMNT figs there, good memories

[OCELOT]

The only thing good about KB was the $3 McF bins they use to have. That's how I got complete sets of Anime 1 and 2, Spawn S.19, S.20, and countless other McF figures.

Those days are long gone though.

[kuwabara_kuwabara]

I have to agree, KB was bomb-ass when it came to those clearance sales. Kind of sad, but oh well.

[Starfig]

****, I haven't seen a KB toy store in years. They may as well be closed down for good. It's rough to say that, but if you're in only two states, it really isn't easy to keep yourself afloat, y'know?

I do think it sucks that malls these days barely have any toy...anythings...but, yeah.

[Marauderspawn]

I can't say I am going to miss KB Toys. I got my DC Universe exclusives so other than that I have no real need for KB. They did have some good merch on clearance though.

[Holeman]

Uh....Chapter 11 is 'reorgnaization', not liquidation, so they're not shutting their doors, they just need to put their creditors off for a while. A ****ton of businesses are doing this these days. Sears does this every other year.

Edit: huh, I really need to start reading all the links. Oh well, I never liked shopping there anyway.

[Cardinal]

This is their second time filing. They may close a lot of stores down, but I have a feeling they will still be around somewhere someway.

[Felty]

Over the years KB Toys has been my lucky charm at times. I found some rare hard to get items that I couldn't find anywhere else and was lucky to find them. I still hit my local store once a week. Don't find anything very often. But when I did I gave them to business. Very sad in my opinion.

[crowinghorse]

They are done - read the links. They are "liquidating assets" in order to pay back the over $200 million in debt that they reorganized three years ago.

See HERE (http://www.figures.com/databases/action.cgi?setup_file=fignews2.setup&category=actionfigures&topic=6&show_article=1930&nl=1).

[moviemaniac4]

Actually I got many good deals in the past at KB......

Like the McKenzie bros.......5 bucks each

[kuwabara_kuwabara]

I miss the 3 for $10 Spawn figs from back in the day. :(

[magneto1138 Part Deux]

All mine are closed already, so it doesn't bother me.

[Avatar_of_Chaos]

Uh....Chapter 11 is 'reorgnaization', not liquidation, so they're not shutting their doors, they just need to put their creditors off for a while. A ****ton of businesses are doing this these days. Sears does this every other year.

Edit: huh, I really need to start reading all the links. Oh well, I never liked shopping there anyway.

yeah, it's true that's what it's most commonly used for. and that's what they did in 2004. but this time, they're using the part of Chapter 11 that we don't hear as mjuch about.

[Chevy Man 22]

Also remember that as with any " Liquidation " process the prices will get jacked sky high before they put anything on sale. Just ask anyone who's been to Circuit City lately.

[Starfig]

I remember getting a few Spawn toys on clearance...and I think I got a buy 1 get 1 Lightsaber deal too.

[Karnis]

Not surprising as the death of the american mall slowly continues.

[Avatar_of_Chaos]

Also remember that as with any " Liquidation " process the prices will get jacked sky high before they put anything on sale. Just ask anyone who's been to Circuit City lately.

that's because they base the sale price on the original price rather than any current mark downs or deals

[Viking Spawn]

R.I.P. KB. :(

[PMK]

That's one less mall I need to check now.

I would always stop in KB and check out their wrestling section. That's the only place I've found the 1/500 belts. I'll be very sad to see them go.

[Phil Tan Fan]

Kaybee Toys was one of the best retail outlets in malls back in the day of Atari 2600 and for action figures I rather see Walmart go out of Business before a cool toy store.

[tatoman2525]

That sucks. While KB has always overpriced a lot of their merchandise in the past, they have actually become very competitive (price wise) in the recent years or so. I have 2 local outlets stores which almost always have some kind of deal on figures. You can find them usually marked at $5.98 plus sometimes you're lucky enough to get there while they are running their Buy 3 Get 1 Free deal. They had Halo 3 figs a few weeks ago for $8.99. As J97e stated above, their prices have been right up there with TRU, and on a lot of occasions, much better. Hopefully it's just a cut in stores nationwide and not a complete liquidation of every KB. I will personally miss them. I wouldn't have felt this way a few years back, though:cool:

[Animal Mother]

Hopefully it's just a cut in stores nationwide and not a complete liquidation of every KB

It's a complete liquidation and all the stores are going bye bye :( From I've been told, Sawgrass and Pines have already started their going out of business sales today. So if theres something you want, check a.s.a.p.

[kim]

Why does this come as a complete surprise:confused:. When you sell your products for less than you paid for them you don't stay in business long. That isn't business 101 or anything. Its common sense.