Sababa up for auction
By Staff -- Playthings, 8/21/2008 12:31:00 PM
NEW YORK—Sababa Group, the combined business of Sababa Toys and Front Porch Classics, has filed for bankruptcy protection.
As part of the move, the company filed a sale motion with the U.S. Bankruptcy Court for the Southern District of New York on August 14 to sell its assets to University Games Corp., for an undisclosed sum.
The court will hold a public auction on September 12 to consider higher offers than the one placed by University Games. It will take place at 10:00 a.m. at the office of Nixon Peabody, 437 Madison Avenue, 24th Floor, New York, New York 10022. For more information, interested parties can contact Sababa's CEO, Rick Malagodi, at rick@sababatoys.com.
Through July 24 of this year, Sababa had gross revenues worth $5.4 million. It's full-year sales tally for 2007 was $25.8 million, up from $16.9 million in 2006.
