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News Detail
U.S. giant toy retailers file for bankruptcy
Peng Wu 2008/12/25 3:20:00One of the largest U.S. toy retailer confirmed yesterday afternoon KBToys has filed for bankruptcy protection. Christmas sales season came this message, medium and small enterprises of domestic toy manufacturing industry will face greater pressure for survival.
Current information shows, KBToys suppliers owed money up to 27 million U.S. dollars, the most affected are listed in Hong Kong toy company Li & Fung Group (HK: 00494).
"Li & Fung Group is KBToys of professional buyers, purchasing 80% of all completed in the Mainland. With the fall of KBToys, another toy manufacturing enterprises will inevitably face the risk of payment for goods not received." Largest online toy dealer Bi Sheng Le Amoy CEO, said, "This has reduced orders for Chinese toy manufacturers, toy retailers in the collapse, the pressure to export more."
China Customs statistics released this year, 1 to 7 months, toy exporters dropped 53% year on year performance. As of July, more than 3,500 toy exporters, only the remaining, less than half of last year.
Bi Sheng said, "2009 toy manufacturers in China will usher in a new round of reshuffling, small scale enterprises will encounter strand breaks funding bottlenecks, the relatively high cost makes some manufacturers facing closure dangerous. "
