The latest company to take a hit from the economy is KB Toys. KB Toys filed for bankruptcy for the second time in four years. The 80-year old company based in Pittsfield, Massachusetts, operates 460 stores including several in Arizona and reported total debt between $100 million and $500 million, with total assets in the same range.
Things must be really bad: Most toy stores do as much as 50% of their sales in the weeks leading up to Christmas, but apparently KB didn’t even think it could hang on and try for a Christmas miracle to save the company.
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