Dive Brief:
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Toy company Basic Fun on Friday filed for Chapter 11 in bankruptcy court in Delaware. The company sells its owned and licensed brand portfolio, which includes iconic toys by Lite Brite, Tonka, Knex, Lincoln Logs and the Care Bears, to Walmart, Target, Amazon and amusement parks.
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Basic Fun said the 2017 bankruptcy of Toys R Us, followed by the COVID-19 pandemic and supply chain issues affected the companys business operations. In court documents, the company claimed liabilities and assets of $50 million to $100 million. It also reported owing $11.6 million to third party suppliers, vendors and other creditors.
- In a statement, Basic Fun said it plans to continue operations during restructuring and stay in business post-ban…
Read the full article at: https://www.retaildive.com/news/toy-company-basic-fun-restructure-bankruptcy/720472/