P.M. BRIEFING : Tonka Expects to Post ’90 Loss
From Times Wire Services
MINNETONKA, Minn. —
Toy maker Tonka Corp. said today that it expects to report a substantial loss for 1990 and that it has discussed the possible sale of the company.
The company said that the discussions have been preliminary and that there is no assurance the talks will continue or that any transaction will develop.
Tonka said it expects to report a substantial loss in the fourth quarter and for the year when its 1990 financial results are released in late February. It also expects to report full-year sales of about $786 million, a 10% drop from 1989.
A family group owned by Malcolm Glazer said last year that he holds an 8.6% stake in Tonka and may seek control of the company, the nation’s third-largest toy company.
