PITTSFIELD – K-B Toys Inc., the largest U.S. mall-based toy retailer, has filed for bankruptcy protection, becoming the latest casualty of increased competition from discount chains such as Wal-Mart Stores Inc. during the holiday season.
The closely held company, which operates 1,231 stores, listed $507 million of assets and $461 million of debts in Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Del. K-B Toys was bought by an affiliate of investment fund Bain Capital LLC in December 2000 and averaged $1.4 billion in annual sales since 1992, court papers show.
Toy retailers, who depend on the Christmas season for a large part of annual sales, are being squeezed by discounters such as Wal-Mart and Target Corp., which use low-price popular toys to attract customers. K-B Toys tried to salvage sales by slashing already reduced prices in the final Christmas weekend. The company said it plans to come out of bankruptcy before 2004’s holiday season. (Bloomberg News)
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Cape Cod Wind Farm debate scheduled
BOSTON – Officials will debate the economic, environmental, energy and safety issues surrounding the proposed Cape Cod Wind Farm planned by Cape Wind Associates on Friday, Jan. 30.
Sponsored by the Environmental Business Council of New England, the debate will feature Sue Nickerson, executive director of the Alliance to Save Nantucket Sound – which is opposed to industrialization of Nantucket Sound – and James Gordon, president of Cape Wind Associates. Greg Watson of the Massachusetts Technology Collaborative will moderate the debate, the council said in a release.
The project would be the first offshore wind park in the country, the council said, and is slated to be built on Horseshoe Shoal, five miles off the Cape Cod shore. The park would have 130 wind turbines with a total maximum output of 420 megawatts. In normal weather, the park would be expected to produce enough electricity to power three-quarters of Cape Cod and the islands.
The meeting will be held from 7:30 to 9:30 a.m. in the grand ballroom at the Marriott Long Wharf in Boston. To register, go to www.ebcne.org/meetings.htm.
