Toy retailer FAO to close 70 stores - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Toy retailer FAO to close 70 stores

Updated:
KING OF PRUSSIA, Pa. (AP) _ Troubled toy retailer FAO Inc. said Monday it will close 70 underperforming stores by March as it attempts to return to profitability.

The company said 55 of the stores to close would be Zany Brainy stores, which sell educational toys. FAO, which is based in King of Prussia, near Philadelphia, also owns FAO Schwarz and The Right Stuff. The retailer operates 253 stores.

``In the current retail environment, these locations have simply not developed to an economically viable level,'' the company said in a statement.

Also Monday, FAO said it has reached a ``standstill agreement'' with a syndicate of its lending banks that could postpone bankruptcy.

``We're on hold for a little bit,'' FAO spokeswoman Renee Hollinger said. ``We're still talking to the bank.''

Under the agreement, Wells Fargo Retail Finance LLC agreed not to take any action against the company until Jan. 10, Hollinger said. But it also included stipulations saying both sides could terminate the agreement with three days notice.

FAO has lobbied Wells Fargo to relax borrowing restrictions. The bank declined to comment.
  • NewsMore>>

  • Woman Dies In Tulsa House Fire

    Woman Dies In Tulsa House Fire

    Firefighters say a woman is dead after a Tulsa house fire late Tuesday. The fire department was called to the home in the 1700 block of East 56th Street at about 10:45 p.m. 

    More >>

    Firefighters say a woman is dead after a Tulsa house fire late Tuesday. The fire department was called to the home in the 1700 block of East 56th Street at about 10:45 p.m. 

    More >>
  • Winter Storm Leads To Closures Across The South

    Winter Storm Leads To Closures Across The South

    WGCL-TVWGCL-TV

    Winter weather made travel treacherous across the South, shutting down interstates in Louisiana, causing highway crashes in Kentucky and closing airport runways in Texas as snow turned the red clay white and prompted schools to close across the region. 

    More >>

    Winter weather made travel treacherous across the South, shutting down interstates in Louisiana, causing highway crashes in Kentucky and closing airport runways in Texas as snow turned the red clay white and prompted schools to close across the region. 

    More >>
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com 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.