According to the latest news, Kid brands Inc., a US children's furniture manufacturer, has applied to the court for bankruptcy protection and plans to sell most of its assets, including one or more subsidiaries. It is reported that its subsidiaries, Kids Line, LLC, LaJobi, Sassy and CoCaLo, all have financial difficulties. The company ’s filing with the Newark Federal Bankruptcy Court in New Jersey shows that the company currently has assets of 32.4 million US dollars and liabilities of up to 109 million US dollars. .
Before the bankruptcy, the company still had more than 30 unsecured creditor debts, of which the US Customs and Border Protection had the most, with a total of $ 14 million in unpaid tariffs on bedroom furniture from China.
It is understood that the creditor list also includes many other Asian factories, including Jiashan Zhenxuan Furniture Co., Ltd. (Jiashan Zhenxuan Furniture Co.), involving USD 2.08 million, Sino Universe Limited, involving USD 1.4 million, and Johnsonwood Furniture The company involved an amount of US $ 90.203 million.
In April of this year, the company disclosed that its net sales had declined, with a net loss of $ 28.89 million in 2013. According to a report last month, the net loss for the first quarter was US $ 31.7 million, and net sales were US $ 38 million, compared with net sales of US $ 51.4 million in the same period last year.
The company also announced plans to cease operations of its JaJobi subsidiary that produces cradle and other children's furniture . In May, the company announced that its license agreement with Graco Children has ceased and no longer designs and manufactures cradle, adjustable tables and chairs, cabinets and other baby and youth furniture products for the company.
Kid brands said it will seek a $ 49 million bankruptcy protection financing plan (debtor-in-possession financing) in order to be able to continue operations during the bankruptcy reorganization.
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