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Non-Tech : The Right Start (RTST)

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To: Glenn Petersen who wrote (36)	4/23/2003 10:48:11 PM
From: Glenn Petersen	Read Replies (1) of 40

Toy Retailer FAO Inc. Leaves Bankruptcy story.news.yahoo.com KING OF PRUSSIA, Pa. - Toy retailer FAO Inc. emerged from Chapter 11 bankruptcy Wednesday, 100 days after it sought protection from creditors. FAO filed for bankruptcy in January after struggling to compete with discount chains such as Wal-Mart that sold some of the same toys at lower prices. Under a reorganization plan approved by U.S. Bankruptcy Judge Lloyd King, FAO sold $30 million in convertible preferred stock Wednesday to an investment group. Common stockholders are expected to retain approximately 9.3 percent of the company's equity. The toy retailer has also borrowed $77 million to cover operating costs during the reorganization. FAO said in a statement Wednesday that its top priority will be resupplying its stores. After its bankruptcy filing, the company had sought to liquidate inventory at its FAO Schwarz, Zany Brainy and The Right Start stores. FAO stock closed at $5.30 per share Wednesday, down $2.05, on the Nasdaq Stock Exchange.

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