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CALIFORNIA | BRIEFLY: RETAILING

KB Toys, BrainPlay.com to Merge Online Site

May 20, 1999| Bloomberg News

Consolidated Stores Corp., owner of the toy chain KB Toys, said it will combine its online toy retailing unit with closely held BrainPlay.com to bolster sales over the Internet. Consolidated Stores will invest $80 million to help market the new venture, KBToys.com, and will own 80% of it. BrainPlay.com will own the other 20% and its founder and chief executive, Srikant Srinivasan, 33, will be CEO. KBToys.com will be based in Denver, where BrainPlay.com has its corporate offices. Separately, Columbus, Ohio-based Consolidated Stores reported a fiscal first-quarter loss of $3.72 million, or 3 cents a share, compared with net income of $817,000, or 1 cent, a year ago. Analysts were expecting a loss of 4 cents. Revenue rose 12% to $923.7 million. Consolidated Stores shares rose $1.31 to close at $37.13 on the NYSE.

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