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No. 2 Toy Retail Chain Files for Bankruptcy: Child World Inc. filed for bankruptcy and said it will lay off 1,500 workers as a result of store closures. The company made its petition to the U.S. Bankruptcy Court in White Plains, N.Y. Under Chapter 11, a company is granted protection from creditors while it restructures operations. Child World also announced that it would close 54 of its 125 Child World and Children’s Palace branches, primarily in the Midwest and South. The company now has about 4,000 full- and part-time employees.
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