Another retailer has filed for Chapter 11 bankruptcy again. Except this time, it plans to go out of business too. The retailer is no longer in the Omaha metro market – and there’s a reason for that.
KB Toys successfully filed for Chapter 11 bankruptcy protection back in 2004. During the 2004 reorganization, the toy retailer closed more than 350 stores nationwide, including a store at Mall of the Bluffs in Council Bluffs. That was the end of KB Toys’ presence in the Omaha metro.
KB Toys has filed for Chapter 11 again, but will liquidate. By going with Chapter 11, the company can retain control of its assets while it goes out of business.