The Parent Co. seeks shelter in Chapter 11
By Staff -- Playthings, 12/29/2008 12:40:00 PM
DENVER—Toy and infant products e-tailer The Parent Company has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court in Delaware.
"This action is an unfortunate but necessary and responsible step to preserve the company's value for our stakeholders in light of the ongoing challenging retail environment," said Michael Wagner, The Parent Co.’s CEO.
The company has engaged the investment banking firm Oppenheimer & Co. to explore strategic alternatives, including the sale of some or all of the company's businesses. The Parent Co.’s businesses include BabyUniverse, eToys Direct, PoshTots, Dreamtime Baby and My Twinn. eToys Direct operates KBtoys.com.
Separately, on December 24, The Parent Co. was notified that its was not in compliance with the requirements for continued listing of its stock on the Nasdaq exchange because of the company's failure to timely file a quarterly report for the period ended Nov. 1, 2008.
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