KB Toys has announced today that they are filing for chapter 11 and plan to liquidate everything:
“The move was the result of a “sudden and sharp decline in consumer sales due to macro-economic concerns,” according to KB Toys vice president and comptroller Raymond Borst in the company’s filing. In particular, he 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.”
I have many fond memories of going to KB as a kid. I haven’t really bought much there recently since their prices were always a few dollars more. I’ll have to go to the one in St. George one more time when we are there for Christmas. That leaves St. George without a dedicated Toy Store. I always thought Toys R Us would have been a good choice in the old Wal-Mart building before Dillards took it over at the Red Cliffs Mall.