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twitterToy retailer files for bankruptcy protection
Tuesday, Jan. 14, 2003 | 9:44 a.m.
NEW YORK -- FAO Inc., which owns toy retailers FAO Schwarz, Zany Brainy and The Right Start, filed for Chapter 11 bankruptcy protection Monday, pinched by tightening credit policies by a key lender.
The company, known for its storied FAO Schwarz flagship on Fifth Avenue and in Las Vegas for its store at the Forum Shops at Caesars, said it has reached an agreement with lenders that will allow it to continue to operate without interruptions.
FAO, based in King of Prussia, Pa., said it expects to meet with major creditors and file a formal reorganization plan soon, with the expectation of emerging from bankruptcy in the second quarter.
On Dec. 17, the company warned that it likely would file for bankruptcy protection if its bank, Wells Fargo Retail Finance LLC, did not relax borrowing restrictions.
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