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Kid Brands files for bankruptcy

Staff writer |
Kid Brands, Inc. announced that it plans to pursue a sale of substantially all of the assets of the company, or one or more of its subsidiaries, facilitated through the filing of voluntary chapter 11 petitions in the U.S. Bankruptcy Court for the District of New Jersey.

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Kid Brands had initiated a review of strategic and financing alternatives, including addressing under-performing product lines, exploring strategic alliances, the sale or merger of the company or one or more of its subsidiaries, restructuring the Company’s current debt, a recapitalization, or other possible transactions.

The board of directors ultimately determined that pursuing a sale under section 363 of the bankruptcy code through a chapter 11 filing is in the best interests of the company and its stakeholders.

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