KB Toys plans to close 141 to 238 underperforming stores

By Jeff Pines

Washington, Oct. 26 - KB Toys Inc. said it plans to close 141 to 238 underperforming stores by Jan. 31, 2005.

The Pittsfield, Mass.-based toy retailer said it expects this round of closing to be last before its anticipated emergence from Chapter 11 next year.

After the latest round of store closings, KB Toys will still have about 600 stores. Before filing for bankruptcy the company had about 1,230 stores.

The company also asked the U.S. Bankruptcy Court for the District of Delaware to approve the closings and to let a joint venture led by Gordon Brothers to help with going-out-of-business sales.

KB Toys filed for bankruptcy on Jan. 14, 2004. Its Chapter 11 case number is 04-10120.

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