FAO Expects Financing to Escape Chapter 11
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Toy retailer FAO Inc. expects to secure the financing it needs to emerge from Chapter 11 and hopes to do so by Tuesday.
A reorganization plan was approved by U.S. Bankruptcy Judge Lloyd King late last week. The company filed for bankruptcy protection in January.
FAO Inc., which owns the FAO Schwarz chain of toy stores, was formerly Right Start Inc. The firm changed its name after buying the FAO Schwarz brand last year for about $55 million. In 2001, Westlake Village-based Right Start bought toy seller Zany Brainy, which had filed for bankruptcy protection, for $100 million.
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