KB Toys
Encyclopedia
K·B Toys was a chain of mall-based
retail
toy store
s in the United States
. It was founded in 1922 by the Kaufman brothers. K·B operated 605 stores in 44 U.S. state
s, Puerto Rico
as well as Guam
. It was privately held in Pittsfield, Massachusetts
. K·B Toys was owned by Melville Corporation
(which was responsible for its CVS/Pharmacy chain), but that company sold it to Consolidated Stores
in 1996. It was also the second-oldest operating toy retailer in North America
(behind FAO Schwarz) before its demise.
Following the company's second bankruptcy in five years, the chain was liquidated beginning in December 2008. The sales were concluded on February 9, 2009. International retailer Toys R Us announced on September 4, 2009 that it had acquired the remains of K·B Toys, consisting mainly of its website, trademarks, and intellectual property rights.
and Target
, on January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.
K·B closed 156 stores on November 8, 2007. The Gordon Brothers Group
handled the liquidation of these stores. On February 9, 2009, K·B closed the remaining stores following the second bankruptcy filing in four years. In addition, K·B Toys' website was closed down.
The K·B Toys brand and related intangible assets were sold by Streambank LLC to Toys R Us on September 4, 2009 for a reported $2.1 Million. Because K·B Toys' 460 stores had been closed and liquidated, the sale applies mainly to the company's logo, website, and trademarks/intellectual properties. Toys R Us remains unsure of how the K·B name will fit into its future business plan. So far, Toys R Us uses the K·B Toys brand in self-manufactured toys, under the name "KB Classics" with the K·B Toys logo.
Shopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
toy store
Toy store
A toy store or toy shop is a retail business specializing in selling toys. No longer held to the limitations of a physical outlet, many toy shops now do business over the Internet. Many department stores have toy sections.-External links:...
s in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. It was founded in 1922 by the Kaufman brothers. K·B operated 605 stores in 44 U.S. state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
s, Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
as well as Guam
Guam
Guam is an organized, unincorporated territory of the United States located in the western Pacific Ocean. It is one of five U.S. territories with an established civilian government. Guam is listed as one of 16 Non-Self-Governing Territories by the Special Committee on Decolonization of the United...
. It was privately held in Pittsfield, Massachusetts
Pittsfield, Massachusetts
Pittsfield is the largest city and the county seat of Berkshire County, Massachusetts, United States. It is the principal city of the Pittsfield, Massachusetts Metropolitan Statistical Area which encompasses all of Berkshire County. Its area code is 413. Its ZIP code is 01201...
. K·B Toys was owned by Melville Corporation
Melville Corporation
Melville Corporation, formerly based in Rye, New York, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville. It changed its name to CVS Corporation in 1996...
(which was responsible for its CVS/Pharmacy chain), but that company sold it to Consolidated Stores
Big Lots
Big Lots, Inc. is a Fortune 500 retail corporation with annual revenues well over $4 billion.Its department stores focus mainly on selling closeout and overstock merchandise. The company is based in Columbus, Ohio, USA and currently operates over 1,400 stores in 47 states...
in 1996. It was also the second-oldest operating toy retailer in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
(behind FAO Schwarz) before its demise.
Following the company's second bankruptcy in five years, the chain was liquidated beginning in December 2008. The sales were concluded on February 9, 2009. International retailer Toys R Us announced on September 4, 2009 that it had acquired the remains of K·B Toys, consisting mainly of its website, trademarks, and intellectual property rights.
Operations
At the time of its liquidation, K·B Toys operated three distinct store formats: K·B Toys, K·B Toy Works, and K·B Toys Outlet (aka Toy Liquidators). K·B Toys stores were mostly found in the company's traditional base of shopping malls, where many of its stores were located for years. K·B Toy Works stores were typically found in outdoor strip malls. K·B Toys Outlet and Toy Liquidators stores, as the name implies, were usually found in outlet centers/malls. At their largest, K B operated over 1300 stores and were found in all 50 states.Financial trouble
Due to increasing competition from national discount chains such as Wal-MartWal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
and Target
Target Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
, on January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.
K·B closed 156 stores on November 8, 2007. The Gordon Brothers Group
Gordon Brothers Group
Gordon Brothers Group, headquartered in Boston, Massachusetts, is a liquidation firm that was founded in 1903 by Jacob Bernard, Louis and Joseph Gordon....
handled the liquidation of these stores. On February 9, 2009, K·B closed the remaining stores following the second bankruptcy filing in four years. In addition, K·B Toys' website was closed down.
The K·B Toys brand and related intangible assets were sold by Streambank LLC to Toys R Us on September 4, 2009 for a reported $2.1 Million. Because K·B Toys' 460 stores had been closed and liquidated, the sale applies mainly to the company's logo, website, and trademarks/intellectual properties. Toys R Us remains unsure of how the K·B name will fit into its future business plan. So far, Toys R Us uses the K·B Toys brand in self-manufactured toys, under the name "KB Classics" with the K·B Toys logo.
External links
- K·B Toys -- Company History FundingUniverse.com, dense overview of business history as of 2006 (~15kb)
- Toys R Us official website, forwarded to via kbtoys.com