Posted tagged ‘Holiday Season’

Happy Holidays Everyone

December 22, 2011

It’s finally that time of year when we take a step back and reflect on all that has transpired over the past 365 or so days.

For me, it has been a roller-coaster year of both highs and lows, culminating with Christmas this weekend and New Years the following. I for one am looking forward to the holidays and I know my kids are as well. They are going to be spoiled for sure this year!

You may have been aware of my notable absence this year. I know that I mentioned that things were going on in my personal life which kept me away from blogging for days and weeks at a time. Personally, I’ve gone through a lot this year. Most of which I have not expressed outwardly until today. I’m not going to go into too much detail, but I think it’s time for some closure.

Until this summer, my wife and I were expecting our 3rd child between the Thanksgiving and Christmas holidays. We had been trying for more than two years and we were very excited. Unfortunately, on a trip to the doctor entering the 2nd trimester, the baby’s heartbeat became faint and we were told that the baby was not going to survive. Sadly, ten days later, my wife lost the baby. I was on a business trip at the time, and learned of this news when I returned home. Needless to say, we were devastated.

This, combined with the loss of a number of close relatives and other circumstances, sent me into what can only be described as a deep depression. Only recently have I found myself starting to move on to happier times. As part of our annual tradition of purchasing holiday ornaments, we bought one for our little “walnut” so that he’ll always be with us at the holidays.

I’ve tried to maintain “The Korner” as often as I can, but just haven’t had the desire that I used to. This will hopefully change as we move into 2012. There’s so much great news to share (as well as the crazy and quirky stories) and as you know, I love to post and love reading all of your comments.

For now, I’m preparing for some time with the family over the holidays to “live again” and make sure that I’m spoiling everyone as much as I should! They deserve it and I love to do it!

Treasure all the time you have with those you love. You don’t know how much time you have so make the best of every minute!

Happy Holidays everyone!

John

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KB Toys Files for Chapter 11 Bankruptcy

December 12, 2008

KB Toys has filed for bankruptcy protection and plans to close its 277 mall-based stores and 114 outlets. In its Chapter 11 filings, the chain blamed “sudden and sharp decline in consumer sales due to macro-economic concerns.”

From the Associated Press:

In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday and plans to begin going-out-of business sales at its stores immediately.

The 86-year-old company said in a filing that its debt is “directly attributable to a sudden and sharp decline in consumer sales” because of the poor economy.

That a toy retailer filed for bankruptcy just before Christmas shows how bleak things have become, since such stores make up to half of their sales during the holidays. But analysts expect toy sales this holiday season to be flat or down slightly from last year’s total of $10.4 billion, according to market research firm NPD Group, because consumers are cutting back amid the recession.

In response, toy retailers, including KB Toys, amped up their discounts.

KB Toys had aggressively cut prices to entice cash-strapped shoppers, offering hundreds of toys for $10 or less. It also expanded its value program, which offers deals on new items each week, and offered “Buy 2, Get 1 Free” promotions.

But the deals weren’t enough. In the filing in U.S. Bankruptcy Court in Delaware, KB Toys said that between Oct. 5 and Dec. 8 sales in stores open at least one year, a key retail metric known as same-store sales, fell nearly 20 percent.

The company said it considered its alternatives and decided the most viable way to cover its debt was to begin liquidating its stores via immediate going-out-of-business sales. KB Toys also plans to sell its wholesale distribution business, according to the filing.