Kid Brands Inc., a U.S.-based manufacturer of children's furniture, has filed for bankruptcy protection and is preparing to sell most of its assets, including one or more subsidiaries. The company, which has struggled financially, listed several of its subsidiaries—Kids Line, LLC, LaJobi, Sassy, and CoCaLo—each facing their own financial challenges. According to the filing with the Newark Federal Bankruptcy Court in New Jersey, Kid Brands currently holds $32.4 million in assets but faces liabilities as high as $109 million.
Before declaring bankruptcy, the company had over 30 unsecured creditors, with the U.S. Customs and Border Protection being the largest, owing $14 million in unpaid tariffs on bedroom furniture imported from China. Other Asian suppliers are also listed as creditors, including Jiashan Zhenxuan Furniture Co., Ltd., which is owed $2.08 million, Sino Universe Limited at $1.4 million, and Johnsonwood Furniture, which is owed a staggering $90.2 million.
The company’s financial troubles have been mounting for some time. In April, it reported a decline in net sales and a net loss of $28.89 million in 2013. A recent report showed that the first quarter of this year resulted in a net loss of $31.7 million, with net sales reaching only $38 million—down from $51.4 million during the same period last year.
In addition, Kid Brands announced the closure of its JaJobi subsidiary, which produced cribs and other children’s furniture. The company also ended its licensing agreement with Graco Children in May, ceasing to design and manufacture cribs, adjustable tables, chairs, cabinets, and other baby and youth furniture products for the brand.
To keep operations running during the reorganization process, Kid Brands has proposed a $49 million debtor-in-possession financing plan, aiming to secure necessary funds while navigating the bankruptcy proceedings. This move highlights the company’s efforts to stabilize its business and potentially emerge stronger from the restructuring process.
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