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Non-Tech : The Right Start (RTST)

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To: Glenn Petersen who wrote (34)	1/18/2003 9:47:25 PM
From: Glenn Petersen	Read Replies (1) of 40

FAO hires investment bank to help raise equity KING OF PRUSSIA, Pa., Jan 17 (Reuters) - FAO Inc. <FAOOQ.O>, the parent of posh toy store FAO Schwarz which declared bankruptcy this week, on Friday said it had hired an investment bank to help it raise equity capital. FAO said it hired Morgan Joseph & Co. Inc., subject to bankruptcy court approval. The retailer said it aimed to emerge from Chapter 11 bankruptcy in the second quarter. The company, which also owns The Right Start and Zany Brainy chains, filed for bankruptcy protection on Monday, succumbing to weak sales and intense competition from discounters. At the time, it said it planned to hire an investment bank to help it raise equity capital. Specialty toy retailers have been under strong pressure from discounters such as Wal-Mart Stores Inc. <WMT.N> which can slash toy prices and make up the difference on other items. FAO shares were up 1 cent to 30 cents each in afternoon trade. 01/17/03 14:02 ET

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