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P.J. Kids closes doors
Staff -- Kids Today, 8/5/2005 12:00:00 AM
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PRINCETON, N.J. -- Privately held juvenile furniture and accessory manufacturer P.J. Kids has closed its doors and its assets are being liquidated. President Stewart Paul, who is traveling overseas, confirmed in an email that all of the company's assets are in possession of the bank, and are being sold to repay its creditors. "Our bank has asked certain members of the management team and some of its employees to assist in maximizing the return on the sale of the assets," said Paul in the email. The manufacturer of imported infant and youth furniture, bedding and accessories had phased out its bedding program this spring, and had in recent weeks let some of its key team members go. Last week, industry buzz was that the company had found a buyer, but the deal did not go through. P.J. Kids' customers are receiving phone calls from the company explaining the situation. Larry Muller, owner of Baby & Kids 1st Furniture in Houston, said while he had no furniture on order with P.J. Kids, he did receive a call saying his requests for parts would be fulfilled. P.J. Kids has faced various challenges in the past year, including chapter 11 filings from some of its major retailers, such as FAO Schwarz and Huffman Koos (owned by Breuners Home Furnishings). The company's closing comes as a blow to the juvenile furniture industry. "P.J. Kids raised the visibility of the youth product to new levels," said Geoff Jackson, president of case goods manufacturer Vermont Precision Woodworks. "They got everyone's attention. We're going to lose that high-profile visibility, and that's going to hurt the industry." Paul continues to run his other furniture company, direct importer Primex, and Vasso Unks, who had been P.J. Kids' marketing director, was transitioned over to that business this past spring. |
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