B and s liquidating corporation
In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.
The company’s operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims. Not all bankruptcies involve liquidation; Chapter 11, for example, involves rehabilitating the bankrupt entity and restructuring its debts.
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The person appointed as liquidator, either by the company directors/shareholders or by the creditors, sells off the company's ASSETS for as much as they will realize.
It was expected the asset liquidation would result in creditors being paid only a portion of their claims while stockholders of the company would receive nothing.
) was a chain of mall-based retail toy stores in the United States. It was privately held in Pittsfield, Massachusetts.
Founded in 1922, it operated, at its height, 1300 stores across all 50 states, and went out of business in 2009. K·B Toys was owned by Melville Corporation (which was responsible for its KFC chain), but that company sold it to Consolidated Stores in 1996.
Liquidation is the process of bringing a business to an end and distributing its assets to claimants.
Once the process is complete, the business is dissolved.
At the time of its liquidation, K·B Toys operated three distinct store formats: K·B Toys, K·B Toy Works (the result of a merger between KB Toys and The Toy Works), and K·B Toys Outlet (aka Toy Liquidators).