Consolidated Stores To Sell KB Toys - - Tulsa, OK - News, Weather, Video and Sports - |

Consolidated Stores To Sell KB Toys

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.

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.