posted on November 12, 2005 05:50:23 PM new
I was told by a friend of mine (who owns a Hallmark Gold Crown store) that the Boyd's Bears company has filed for bankruptcy. I hadn't heard that...has anyone else? If true, wonder if it might make any Boyd's Bears figures a bit more "desirable". Any thoughts/info?
As you may know, on October 16, 2005, The Boyds Collection filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This was a difficult decision, but we believe that it was the best decision and one that gives us the best opportunity to restore our financial stability and ensure the long-term success of the company.
It is important that you understand that Boyds is not going out of business. Reorganization under Chapter 11 gives us time to take the necessary steps to restructure and restore our financial stability while continuing day-to-day operations. We will continue to provide the high quality Boyds products for which our loyal and passionate consumers have come to know us.
To that end, we want to you to know that we have received a commitment from D.E. Shaw Laminar Lending, Inc. for up to $8 million in debtor-in-possession financing to provide funding for our operations during the restructuring. This financing will allow us to pay all of our post-filing obligations in a timely manner.
We value our relationship with you and I personally want to thank you for your loyalty during this challenging period. I am confident that this reorganization will allow Boyds to emerge as a viable and successful company. You have my personal commitment to make this process work and our experienced senior management team has the same degree of commitment as I do.
We will do our best to keep you fully informed of developments relating to our progress. If you have any further questions, you may call our reorganization information line that contains a pre-recorded message that will be updated frequently with the latest information. The toll-free information line is 1-877-580-6450. As well, an email address has been set up for any inquiries you might have. The email address is [email protected]. Please utilize these resources as much as you feel necessary in order to have your questions answered. Finally, we will provide updated information concerning the reorganization on a special page of our company website: www.Boydsstuff.com.
posted on November 13, 2005 08:15:55 AM new
Interesting. QVC just had a couple of hours of Boyd's Bears in one of their Christmas shows. They are NOT my cup of tea, but my impression was that they do well - at least on QVC.
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"Our lives begin to end the day we become silent about things that matter."
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