KB Toys declares bankruptcy, plans to close all stores

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Just found this site and wanted to throw my 2 cents in too. I worked for KB for nearly 13 years. I worked myself to the bone for that company. I quite literally bled for that company. Mismanaged is too easy to call it. I think Andy was brought in to close the business. His first managers meeting with us, he told us we werent good enough and it was our fault the company was doing poorly. Not the poor choices of product our idiot buyers were buying, not the random "new startegy" of the week being forced down our throats, but the managers of the stores. The people killing themselves because there was no payroll, no hours to bring anyone else in to do the work. I prided myself on my store. The compliments we receievd kept me going even when no raises were given for 4 years! At the end, I was accused of things I never did, was given no proff of what I was accused of and told if I didnt admit to it, I would be terminated for "failure to cooperate in a loss prevention investigation." I heard rumors they were doing this to "old timers" so they wouldnt have to pay severence. That they knew what was coming. I quit that day. Heart broken and in disbelief. But they did me a favor. I found a much better job that paid me more than KB ever did. And Kb is gone. I wonder who will hire Andy next or if he had a golden parachute waiting?

My Store in Grand Island, Nebraska is due to close on January 31, because our lease is done, we were on a month-to-month lease. In January of 2008 they closed down 2 mall stores and 1 outlet store along with the others they closed around the country. And, to reply to another comment about severance, yes, we are getting severance pay. They filled chapter 11 so that they could afford to pay the employees, and I think so that they could pay the managers severance. As far as the other thousands of employees that are not in a management position, they will get nothing. I know at my store, I have been an Assistant Manager for 3 years, my boss has been the store manager for about 8 years, and he was an Assistant Manager before that (total of 10 years). But, we have an associate who has been with us for over 10 years, she was an Assistant Manager at one time, and she will get nothing. Which sucks, but I think we are lucky with what we can get.

I agree! I worked for KB Toys for close to 5 years and we listened to what the customers wanted and pleaded with home office to get these items in but they ignored us like we didn't know what we were talking about! Hello! We were the ones actually WORKING in the store and coming face to face with the customers on a daily basis! Everytime something went down, WE were to blame! They can blame the economy until they're blue in the face, but home office is at fault for KB's demise! They're the ones that made the bad business decisions! I got out of there before all this happened, but I have kept in touch with former co-workers and it's messed up that they're losing their jobs because of sheer stupidity!

kb toys is to end all sales and close all stores on or before 02/09/09

Sorry Philadelphia, the information passed on to us employees stated that KB's is going completely out of business, closing every store. I am an assistant manager and I had the reply about the bonus cards on here. I would like to also reply to the other person who wrote about Andy Bailen's email. Yes, I can verify that he sent that email out a couple days before the announcement. KB also sent out an email at that time telling us to pull all of our gift cards off the selling floor. Between those two emails, I knew something fishy was going on. On top of that, they sent out a "Holiday Play Book" to the store managers to plan for the holidays and in that book, they had a projected truck schedule. For our store they said we were projected only 200 to 300 boxes a week till Christmas, but then all the way up to "Green Friday" (day after Thanksgiving to those not in the KB business) we were receiving about 300 to 500 carton trucks every week. I had a feeling when we started getting those huge trucks that things were not right. Our store has not been this full in the past 3 years that I have been at this store full-time, since I first started part-time in 2001.
Only a few days passed between Andy's email, and the announcement that KB filed CH 11 Bankruptcy. It was a complete shock to me, as well as the other thousands of employees of KB Toys. Very, very tragic.

Are there any lawyers who have read this blog, and are willing to file a class action suit against kb toys for us to get severance pay… there are over 10,000 of us……???the time is right and the courts mood is right !

I definatley AGREE. KB Toys has changed this year and I BLAME THE POOR MANAGEMENT CHOICES , NOT JUST STORES BUT DSM TOO!!!!!!!!!
TOYS R US ROCKS:)

Follow up, we get this bleeding heart memo from “andy” saying he wishes us the best and he will let us know the second he knows anything. BULL#$%%. After 11 years of service I (and others) was escorted to our desks to get our personal stuff. And doesn’t a co worker raid the trash to find a list of people there pay rates and theirs leave date ----some as late as 4/1/09 . dated 1 day before our big am meeting.

“Today has obviously been a difficult day for all of us. I hope you are as proud as I am of the accomplishments we have achieved as a team. In 30+ years of retail I have never worked with a better, more dedicated group of individuals.

It's a small world and one never knows what our next opportunities might be. To that end I'd like to keep in touch with all of you. If you like you can forward your personal contact information to my personal e-mail address Andy1956@aol.com. My cell is 862.432.6111.

Andy B. “
________________________________________________

I thought KB Toys was going down the drain several years ago when it first filed Bankruptcy. It seemed it never really recovered from that. It's had competition from other toy vendors for years so I can't see that they are the reason now. The recession is probably not THE reason but is a contributing factor to closing now (but probably would have happened at some point anyway).

I live in Philadelphia. Do you know if store #2506 Northeast Tower is closing? I love shopping there. Everyone is always so friendly.

I also work at KB Toys. I have been employed there for 4 and 1/2 years and over that time I have seen KB Toys slip. I can tell you as an insider that I do not believe personally that it is the economy. I believe it is bad decision making within the company. I believe that bringing in this "Super Value" program was a mistake, switching to the bonus cards where you have to spend $30 to get $10 off of another $30 purchase, instead of spending $30 and getting $5 to use later. I personally think that, and other decisions made within the company hurt KB and caused it to close. I know that my store has been doing well this year, beating last year, but we can't hold everyone up and I am sad to lose my job and my great co-workers.
I also think that they are telling the employees and the press what they want to say and not owning up to their mistakes, and that makes me upset. I am sad, but not surprised to see KB go.

I surmise from your post the all the Democrats in the Congress were in some kind of stuper while Bush was single handedly ruining the ecomony.

Did you know the Gov of Ill tried to SELL a Senator seat? He may end up in jail. He was/is a Democrat. My point is nothing happens in a vaccum and I doubt Bush could ruin the economy by his self. Check out the bridge to no where in Alaska. Check out the bail out of auto makers without any written garantees they will change.

Any one who buys it is all Bush's fault probably deserve the rotten economy we are currently in.

Please, Bush screwed up the economy. The economy started in the Clinton administration. Kick backs with the major mortgage companies. Look at the memo's that were sent stating how it would effect the economy and mortgage companies in the future. Everyone congressman is GUILTY of our economy situation.

Bush screwed up the economy? Wow, I'm not going to argue that Bush didn't play a role, but I'm pretty sure he wasn't alone. Nice argument, really deep thinking there.

I Worked/ work at kb,
I have been there for 11 years now and get to see sales number.
The numbers are there. We made 15 million on black Friday alone. I blame it on bad Leadership, Wal-Mart and the GOP. in that order

So which is it? Recession or Drop in Sales? Target, Wal-Mart, and Toy's R Us have much stronger buying power than KB, especially after their first reorg and can offer the same goods for less. It is not President Bush's fault. I'd say its the management at KB Toys is to blame. Large box stores are taking over and will continue to do so.

Not really misleading. The story also says the closing was caused by a "sudden drop" in sales. Think that means recession. Bush screwed up the economy. Quit being an apologist.

It says on the front page of Kansascity.com that the recession claims another retailer.

"The company has blamed competition from large retailers like Wal-Mart and Toys 'R' Us for its failure. In its bankruptcy filing, the company said its share of the toy market has slipped to less than 2 percent."

KB blames it on competition from larger retailers according to your article. It really had nothing to do with this recession. Quit misleading.