Posh Tots Part of Bankruptcy Filing
Posh Tots, the purveyor of some of the most extravagant baby and child gear we've seen, is in financial trouble. Posh Tots is a subsidiary of the Parent Co., a Denver-based online retailer of products for children and babies which filed for bankruptcy protection recently. The company listed assets of $20.6 million and debt of $35.7 million in Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. The reason for the problem, that old bugbear, lack of sales. Bloomberg reports that net sales were about $20 million in the first half of fiscal 2008, compared with about $106 million for all of the previous year. Parent Company had about 946 employees at the beginning of December and now has just 103 people people. Other subsidiaries in the filing include Etoys Direct, BabyUniverse, Dreamtime Baby, Gift Acquisition and My Twinn. The company plans to sell its assets at auction.UPDATE: The founder of Posh Tots, Andrea Edmunds, has bought back the company for just $735,000 and it is still in operation.
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