Sale of Coleco Explored: Coleco Industries Inc.'s board has authorized management to look into selling the toy company as a means of solving its financial problems, but no potential purchasers have been identified. J. Brian Clarke, president and chief executive of the Avon, Conn.-based company that has $540.3 million in debts, said the board took the action two weeks ago. The committee representing Coleco’s creditors in its bankruptcy case has also approved exploring a sale, Clarke said. Morton E. Handel, Coleco’s chairman, said no purchase offers have been received. He wouldn’t say whether any talks with interested bidders have been held.