Major toy retailer, KB Toys, going out of business
Posted by Seibertron
Dec 11, 2008 at 11:09am CST
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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
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
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.
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Re: Major toy retailer, KB Toys, going out of business
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Comment by Mkall
Dec 11, 2008
I've seen this coming for years. I live in Canada where most toy-only stores went belly up years ago.
Re: Major toy retailer, KB Toys, going out of business
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I saw it coming too since they closed the last local store last year. I can't say I'll miss them too badly.
Comment by SentinelA
Dec 11, 2008
Mkall wrote:I've seen this coming for years. I live in Canada where most toy-only stores went belly up years ago.
I saw it coming too since they closed the last local store last year. I can't say I'll miss them too badly.
Re: Major toy retailer, KB Toys, going out of business
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Comment by Robinson
Dec 11, 2008
They've been swirling for a while, it was only a matter of time.
Re: Major toy retailer, KB Toys, going out of business
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Comment by Jeysie
Dec 11, 2008
Doesn't surprise me either... even here in in KB's home state the stores are pretty paltry and lacking in decent offerings compared to even WalMart's toy section.
Still a damn shame, though, for personal reasons... I grew up in Pittsfield, and ever since G.E. moved out and took most of the non-service jobs with it, the city's started going to pot - having yet another major company leaving is going to be another blow. I think my best friend's mom is still working at KB's HQ as well, which means she'll be out of a job soon. :-/
Still a damn shame, though, for personal reasons... I grew up in Pittsfield, and ever since G.E. moved out and took most of the non-service jobs with it, the city's started going to pot - having yet another major company leaving is going to be another blow. I think my best friend's mom is still working at KB's HQ as well, which means she'll be out of a job soon. :-/
Re: Major toy retailer, KB Toys, going out of business
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Comment by ashe5k
Dec 11, 2008
They're blaming the economy? They were closing stores last year BEFORE we officially went into a recession in the states. 50 of them if I remember right, including the one in my town.
Their selection was terrible, their prices 5-10% more than most other places in town when they had a current selection.
I'm thinking it has little to do with the economy and more to do with past business practices.
Their selection was terrible, their prices 5-10% more than most other places in town when they had a current selection.
I'm thinking it has little to do with the economy and more to do with past business practices.
Re: Major toy retailer, KB Toys, going out of business
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Comment by DevastaTTor
Dec 11, 2008
No surprise here. They were always sub-par, even when times were relatively good. Too bad their bad business practices mean job losses for some good people.
Re: Major toy retailer, KB Toys, going out of business
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Comment by JazZeke
Dec 11, 2008
I'm not surprised. They usually sell only toys that no one wanted for more than what they originally wanted in retail stores. That's why no one ever wanted to buy anything from them.
Re: Major toy retailer, KB Toys, going out of business
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Comment by King Slick
Dec 11, 2008
I did retail in KB in the Phoenix and East Valley area 3 years ago and the customer flow then was weak even then. Heck I've had stores that struggled to sell our product, and that was when people didn't overmotgage thier souls in order to move into thier dream home.
Re: Major toy retailer, KB Toys, going out of business
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Comment by Stockade
Dec 11, 2008
Well like everyone is saying, its only a matter of time, before KB's would succumb to this!, but i was told that if it wasn't for KB's the StarWars and Transformers toy line wouldn't been around or made through the late 80's to the 90's. But Kb's had stuff that no one else did and at the same time were higher in price!! good with the bad i guess! bye bye KB's Toys!!
Re: Major toy retailer, KB Toys, going out of business
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Comment by prowllooker
Dec 11, 2008
The store at my mall just closed about 3-4 months ago. I used to shop there to check out the transformers, as well as when i was younger. it sucks.
Re: Major toy retailer, KB Toys, going out of business
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My wife was born and raised in Adams, not too far from you there.
Comment by --B--
Dec 11, 2008
Jeysie wrote:Doesn't surprise me either... even here in in KB's home state the stores are pretty paltry and lacking in decent offerings compared to even WalMart's toy section.
Still a damn shame, though, for personal reasons... I grew up in Pittsfield, and ever since G.E. moved out and took most of the non-service jobs with it, the city's started going to pot - having yet another major company leaving is going to be another blow. I think my best friend's mom is still working at KB's HQ as well, which means she'll be out of a job soon. :-/
My wife was born and raised in Adams, not too far from you there.
Re: Major toy retailer, KB Toys, going out of business
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Comment by Overcracker
Dec 11, 2008
That tends to be the problem with specialty toy stores. Their prices are just unreasonably higher than anywhere else.
So why buy a 10 dollar toy for 13 or 15 when you can get it for 10 a block down at Wal-Mart.
Specialty Toy Stores need to give people something they can't find at Wal-mart and that likely should be either an exclusive, or good help in finding the figure you want. Its the only way to actually justify the higher price, And make people want to shop there.
Otherwise, they are really swimming against the current and in times like these if you can save 2 or 3 bucks on something well...
Sorry to see KB go, but even Toys R' Us has better deals, and even they have closed down several stores.
So why buy a 10 dollar toy for 13 or 15 when you can get it for 10 a block down at Wal-Mart.
Specialty Toy Stores need to give people something they can't find at Wal-mart and that likely should be either an exclusive, or good help in finding the figure you want. Its the only way to actually justify the higher price, And make people want to shop there.
Otherwise, they are really swimming against the current and in times like these if you can save 2 or 3 bucks on something well...
Sorry to see KB go, but even Toys R' Us has better deals, and even they have closed down several stores.
Re: Major toy retailer, KB Toys, going out of business
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Comment by shortround
Dec 11, 2008
Yeah There prices where way to expensive compared to the places like walmart,target and toy r us just name a few. They had shutdown most of the stores here in washington state a couple of years ago.
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Comment by Solrac333
Dec 11, 2008
I only buy from them as a last resort. Everything is WAY overpriced. If they drop their prices, I might make some purchases because they do have tons of the old Universe line.
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Comment by Megatron Wolf
Dec 11, 2008
I knew this was going to happen eventually. There was no way they could compete with the other stores with there prices. I will miss em though. Ive been going o KB for damn near my entire life.
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Comment by Zordon
Dec 11, 2008
and to top it all off woolworths in the uk has gone into administration and going through a closinfg down sale atm.
woolworths used to be really good for toys and was were i bought my first transformer (first aid) with my own money.
my local woolies had a shelf full of movie megatron legends going for £1.20 each last night but nothing else all the good tf stuff must of been sold first.
woolworths used to be really good for toys and was were i bought my first transformer (first aid) with my own money.
my local woolies had a shelf full of movie megatron legends going for £1.20 each last night but nothing else all the good tf stuff must of been sold first.
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Comment by dragons
Dec 11, 2008
that is sad kb was the only store that had movie bumblebee in when no other store had him yet i seen it coming as well but i didnt think it would be that many i expected select few not the entire chain the one at my mall still making business they have animated, movie, univese figures there there a littel late getting them but i know when no one has wht im loking for i can count on kb to get what im looking for.
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Comment by Rated X
Dec 11, 2008
GOOD RIDANCE...LEAVES ROOM FOR MORE EXCLUSIVES AT WAL-MART AND TARGET WHICH ARE RIGHT AROUND THE CORNER FROM ME ANYWAY. PLUS A BIT CHEAPER...
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Comment by Delicon
Dec 11, 2008
They were nowhere near my first stop for Transformers but I definitely did buy some things there. They tended to get some cool things that others didn't. I'll have to stop by and pick up a few things before my local one closes, not just for sale purposes but also for nostalgia. They were the only real place to buy toys in my local mall growing up, unless I could convince my mom to drive me to Toys R' Us.
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I kinda agree. Sad that everyone working there is out of a job given the current economy...but like you said about Wal-Mart and Target being cheaper, KB always were over-charging for stuff. Didn't mind paying 2 or 3 extra for some of the exclusives, but a case could be made that I shouldn't have to. Wal-Mart, for example, charges the same for their more recent exclusives as they do other Transformers that are at the same price-point.
Comment by ShGarland_1383
Dec 11, 2008
Rated X wrote:GOOD RIDANCE...LEAVES ROOM FOR MORE EXCLUSIVES AT WAL-MART AND TARGET WHICH ARE RIGHT AROUND THE CORNER FROM ME ANYWAY. PLUS A BIT CHEAPER...
I kinda agree. Sad that everyone working there is out of a job given the current economy...but like you said about Wal-Mart and Target being cheaper, KB always were over-charging for stuff. Didn't mind paying 2 or 3 extra for some of the exclusives, but a case could be made that I shouldn't have to. Wal-Mart, for example, charges the same for their more recent exclusives as they do other Transformers that are at the same price-point.
