Renowned Toy Company FAO Considers Liquidation.
By Tom Belden, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Apr. 15--FAO Inc., owner of the FAO Schwarz and Zany Brainy toy stores, said yesterday that it might have to liquidate after the collapse of a plan to finance its emergence from bankruptcy-court protection.
Like one of its iconic toy soldiers, Fao, of King of Prussia, had been marching resolutely through the Chapter 11 process, and had the approval of U.S. Bankruptcy Court in Wilmington to exit this Friday.
But FAO said in a statement that there were "unexpected comp
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