P.J. Kids To Be Sold Off to Pay Creditors
Last-Minute Buyer For Company Falls Through
By Jane Kitchen -- Home Textiles Today, 8/15/2005 12:00:00 AM
Princeton, N.J. — —
Princeton, N.J. — Juvenile furniture and home accents importer and retailer P.J. Kids has closed its doors and is liquidating its assets.
Company President Stewart Paul confirmed that all of the privately owned company's assets are in possession of a bank and will be sold to repay creditors.
“Our bank has asked certain members of the management team and some of its employees to assist in maximizing the return on the sale of the assets,” Paul, who is traveling overseas, said in an e-mail.
P.J. Kids had phased out its bedding program last spring and in recent weeks had let some of its key team members go. In the past two weeks, the industry buzz was that the company had found a buyer, but the deal did not go through.
P.J. Kids' customers said they had heard from the company. Larry Muller, owner of Baby & Kids 1st Furniture in Houston, said that while he had no furniture on order with P.J. Kids, he did receive a call saying his requests for parts would be fulfilled.
P.J. Kids has faced challenges in the past year, including bankruptcy filings by some of its major retailers, such as FAO Schwarz and Huffman Koos (owned by Breuners Home Furnishings).
The company's closing is a shock to the juvenile industry.
“P.J. Kids raised the visibility of the youth product to new levels,” said Geoff Jackson, president of case goods manufacturer Vermont Precision Woodworks. “They got everyone's attention. We're going to lose that high-profile visibility, and that's going to hurt the industry.”
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