KB Toys filed for Chapter 11 bankruptcy protection Thursday. Toy supplier Li & Fung Ltd slumped after KB Toys, which owes Li & Fung $27.2m, filed for bankruptcy in the US. based trader said KB Toys owes it about $5 million. Reuters reports that KB Toys filed for Chapter 11. In another sign of a grim holiday season, KB Toys has filed for bankruptcy protection for the second time in four years. Li & Fung Ltd., a supplier of toys and clothing to retailers, plunged 14 percent to HK$14.56 in Hong Kong after KB Toys Inc. year-old toy retailer, filed for bankruptcy with plans to shut its 277 stores, employing 11000 workers. term, of course, that's a boon for parents who haven't yet finished their holiday shopping. KB Toys, a toy retailer that started business before the Great Depression, won't make it through the current recession. The best place to browse is online at toy stores sites like Etoys.com, Toysrus.com and Kbtoys.com.
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