The Parent Co. and its Subsidiaries in December filed for bankruptcy. The multichannel children’s products retailer filed a voluntary petition for reorganization relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Wilmington, DE.
Subsidiaries in the filing include eToys.com; My Twinn.com; BabyUniverse.com; DreamtimeBaby.com; PoshTots.com; PoshLiving.com; BabyTV.com; PoshCravings.com; and ePregnancy.com. All are conducting business as usual.
The Parent Co., formerly known as BabyUniverse, has hired investment banking firm Oppenheimer & Co. to explore strategic alternatives, including a sale of some or all of the company’s businesses.
The Parent Co.’s filing says it has $20,633,447 in total assets and $35,722,280 in total debts. Its largest creditor listed is UPS; Parent Co. owes it more than $3.1 million.