KB Toys will buy the eToys inventory
KB Toys will pay $5.4 million for substantially all of eToys.com`s inventory. KB Toys submitted the winning bid as part of
the auction in eToys.com`s bankruptcy proceedings. The inventory,
representing many categories including preschool, games, girls and boys toys,
video hardware and software, and specialty and collectible items, represents
more than $40 million in merchandise at retail prices. KB Toys said it will offer
the merchandise to customers at steep discounts through its stores
and KBkids.com.
KB Toys is also interested in acquiring other assets of eToys, including the brand and the URL, says John P. Reilly, manager of sales promotions and public relations at KB Toys. Those negotiations are in progress, he says.
"We are very pleased with the outcome of this proceeding and look forward
to passing these tremendous values on to our customers, " said Michael L.
Glazer, KB Toys` CEO. "This deal continues our focus of providing great value
and convenience to our customers in both our stores and online at KBkids.com."
KB Toys operates more than 1,300 stores in 50 states, Guam and Puerto Rico.
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