KB Toys gets court OK to employ joint venture in store closing sales

By Jeff Pines

Washington, Nov. 5 - KB Toys Inc. obtained court approval to close more stores and retain a joint venture of Gordon Brothers Retail Partners LLC, The Great American Group LLC, The Ozer Group LLC, the Nassi Group LLC and SB Capital Group LLC to help it run going-out-of-business sales at 163 more of its stores.

The order was filed with the U.S. Bankruptcy Court for the District of Delaware Friday.

The sales must end by Jan. 31, 2005, according to the order.

The Pittsfield, Mass.-based toy retailer filed for bankruptcy on Jan. 14, 2004. Its Chapter 11 case number is 04-10120.

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