Just 14 days ahead of the biggest day on the retail calendar, KB Toys filed for bankruptcy and planned to start going-out-of-business sales right away. KB Toys was choked by a downturn so severe that sales were down 20 percent in what should have been its busiest season. Desperate to pull in shoppers, the company touted “Buy 2, Get 1 Free” sale on name brands like Playskool and Littlest Pet Shop, $25 off Mattel and Fisher-Price toys and other sharp discounts in ads distributed Thursday before the company filed for Chapter 11 protection. But the “blowout” sales turned into liquidation sales, as the company filed for bankruptcy protection for the second time in four years, unable to offset the “sudden and sharp decline in consumer sales” it had seen in the past two months.
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