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Consolidated Stores To Sell KB Toys

Updated:
COLUMBUS, Ohio (AP) — Closeout retailer Consolidated Stores Inc. said Tuesday it has signed a letter of intent to sell its KB Toy division, the country's second-largest toy chain.

The company would not disclose the bidder other than to say that members of KB management are included.

The purchase price is subject to negotiation, but would have been $300 million had the deal been closed on Oct. 28.

The buyer also would receive KB's profits from Oct. 28 until the closing date, likely to be one the division's most profitable periods. Those profits will affect the final purchase price along with when the deal is closed.

Consolidated Stores said it will take a charge of up to $400 million in the third quarter as part of the sale.

It said in June that it wanted to sell the division so it could focus on its closeout business. It bought the chain in 1996 from Melville Corp.

KB, based in Pittsfield, Mass., has 1,314 toy and closeout toy stores in 50 states and Puerto Rico. It is the second largest chain, behind Toys R Us Inc.

Consolidated has 1,285 closeout stores under the Odd Lots, Big Lots, Pic 'N' Save and Mac Frugal's names.






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