ࡱ> vxu@ Dbjbj "fuu<4444444H<LDH(*6666666(((((((*RZ,(4a"66a"a"(4466(%%%a"4646(%a"(%%44%6 `W$%'(0(%-!%-%HH4444%-4',6`%H\666((HHD 1%|HH Etoys Story about selling to KB in the media EToys.com Returns to the Internet, And Steps Up Promotional Efforts By JOSEPH PEREIRA Staff Reporter of THE WALL STREET JOURNAL Like the Ghost of Christmas Past, the e-mails have a familiar look. They arrive every three or four days, proffering toys and games like Kitty the Tekno Kitten, Mystery at Hogwarts or the Winnie the Pooh Singin' Wood Wagon -- all at big discounts. The sender? None other than eToys Inc., one of the biggest e-tailing flameouts of the dot-com crash. Before a stunning collapse that ended in a bankruptcy filing last March, eToys once had a stock-market value of $8 billion. But as shoppers are finding out via a barrage of online pitches this month, the demise was temporary. EToys and its site are back under different management, helping new owner, KB Toys Inc., emerge as one of the largest online toy sellers this holiday season. "It's really strange, even the Web site and logo look the same," observes Carolyn Whitby of Southampton, N.Y., a former eToys shopper who has been receiving the e-mails. Before it shut down, eToys lost hundreds of millions of dollars. But much of that cash had been spent to build a brand that made eToys one of the best-known names in online retailing. KB, a closely held retailer controlled by Boston's Bain Capital, recognized the value of the brand, and this summer acquired the defunct company's assets for $5.4 million. KB soon concluded it would be wise to preserve as much of the old eToys as possible.  INCLUDEPICTURE "http://interactive.wsj.com/media/wsjie-ie.gif" \* MERGEFORMATINET 1Defunct Retailer eToys Sells Web Address, Other Assets to KB Toys for $3.35 Million (May 18) "However you want to criticize eToys for not being fiscally responsible, they certainly did a heck of a job building its brand name," says KB Chief Executive Michael Glazer. Following its acquisition of the eToys Web site ( HYPERLINK "http://www.etoys.com/etoys/index.html" \o "http://www.etoys.com/etoys/index.html" etoys.com2), software and warehouse last summer, KB conducted focus groups to see whether it should fold the old eToys into its own KB.com site ( HYPERLINK "http://www.kbtoys.com/kbindex.html?" \o "http://www.kbtoys.com/kbindex.html?" kbtoys.com3). But the research showed that "eToys was a hell of a lot more popular than KB," says David Novitsky, who ran the focus groups. KB decided to keep the eToys, name and credo, stocking "good" toys and educational playthings, while eschewing action figures, toy guns and any item that encourages violence. But reaching eToys customers was another matter. A bankruptcy-court judge had enjoined a potential sale of the eToys customer list, which included credit-card data, product preferences and shopping histories. As a compromise, the judge permitted KB, through a third party, to e-mail advertisements to eToys' three million shoppers 16 times this holiday season. Under court order, the customer list is to be destroyed after Dec. 31. So this holiday season is critical to the site's long-term success because KB gets to keep the names and data of any customers from the list that make a purchase before the end of the year. With less than three weeks to go, KB has stepped up its promotional efforts with radio advertisements, free shipping for purchases of more than $100, and a plentiful selection of sizable discounts. The 30-second radio spots, broadcast in New York, San Francisco and Chicago, feature the old eToys jingle -- a ukulele riff that had become a trademark. "We had to go out and buy the rights for that," says Mr. Glazer. Also in keeping with the old eToys touch, the radio ads are "softer" in tone than KB's own harder-edged advertising. "It's a time to give," goes one ad that touts the free-shipping offer "so you can put so much more under the tree." The voiceover is female. KB's ads, on the other hand, use a male voice emphasizing "great values" and "hot toys." The eToys acquisition is expected to more than double KB's online sales this season. The eToys and KB.com sites are together expected to post online sales of $100 million for this year, up from KB's $40 million in online sales last year, according to Melissa Comer Williams, a toy analyst for Gerard Klauer Mattison Inc. That would put KB in the No. 2 spot in online toy retailing behind Toys "R" Us Inc.'s Toysrus.com, which is expected to ring up $300 million. The company won't say what portion of the $100 million comes from eToys, but it is clear that the site won't equal the $131 million in sales eToys had in the fourth quarter last year. That is partly because KB -- trying to avoid the mistakes that contributed to eToys' downfall -- isn't spending anywhere near the $72 million in advertising and marketing promotions eToys shelled out last holiday season. "Our goal is to become the first online toy business to make a profit," says Mr. Glazer. Under its current financial plan, KB expects to either break even or report a loss of no more than $2 million on the eToys site. To that end, KB has dramatically scaled back the old Etoys' voluminous offerings of 64,000 items to about 8,000, after discovering that the company was losing money on a vast majority of its products. Of the total list, 36,000 items generated sales of less that 12 units per year, says KB's Tom Alfonsi, senior vice president of merchandising. Only 1,395 had sales of more than 1,000 units. Among the ejected duds: NFL-themed book covers, Scooby Doo diaries, nursing bras, remedial books, computer software and an assortment of infant apparel. One old eToys customer, Dana Stetson of Mamaroneck, N.Y., has happily returned to the site. "I was really sad to see the old eToys go," he says. "But as far as I'm concerned nothing has changed." Write to Joseph Pereira at  HYPERLINK "mailto:joe.pereira@wsj.com" \o "mailto:joe.pereira@wsj.com" joe.pereira@wsj.com4 KB Toys buys eToys inventory By  HYPERLINK "mailto:troyw@cnet.com?subject=FEEDBACK:KB%20Toys%20buys%20eToys%20inventory" Troy Wolverton Staff Writer, CNET News.com Published: April 26, 2001, 12:30 PM PDT  HYPERLINK "http://news.com.com/2100-1017-256561.html" \l "talkback#talkback" \o "Tell us what you think about this story"  INCLUDEPICTURE "http://i.i.com.com/cnwk.1d/i/ne/hrds/talkbackred_15x13.gif" \* MERGEFORMATINET TalkBack  HYPERLINK "http://news.com.com/2113-1017_3-256561.html?tag=st.util.email" \o "E-mail this story to a friend"  INCLUDEPICTURE "http://i.i.com.com/cnwk.1d/i/ne/hrds/emailred_15x13.gif" \* MERGEFORMATINET E-mail  HYPERLINK "http://news.com.com/2102-1017_3-256561.html?tag=st.util.print" \o "View this story formatted for printing"  INCLUDEPICTURE "http://i.i.com.com/cnwk.1d/i/ne/hrds/printred_15x13.gif" \* MERGEFORMATINET Print  HYPERLINK "http://tb.news.com/tb.cgi?__mode=list&tb_id=2100-1017_3-256561&storytitle=KB%20Toys%20buys%20eToys%20inventory" \o "See links from elsewhere to this story (TrackBacks/Pingbacks)"  INCLUDEPICTURE "http://i.i.com.com/cnwk.1d/i/ne/hrds/trackbackred_15x13.gif" \* MERGEFORMATINET TrackBack KB Toys has purchased nearly all of eToys' inventory as part of a bankruptcy proceeding, the company said Thursday. Pittsfield, Mass.-based KB will pay about $5.4 million for the inventory, company spokesman John Reilly said. The company plans to sell the inventory, valued around $40 million, at a discount through its outlet and retail stores as well as through its KBkids.com Web site, he said. "We are pleased with the outcome of this proceeding and look forward to passing these tremendous values on to our customers," Michael Glazer, chief executive of KB, said in a statement. eToys representatives did not return calls seeking comment. After its revenue for the holiday season fell  HYPERLINK "http://news.com.com/news/0-1007-200-4170257.html" far short of expectations, eToys announced that it was running out of cash and would close shop by the spring unless it had a cash infusion. The company laid off all of its 1,000 employees in two separate job cuts in  HYPERLINK "http://news.com.com/news/0-1007-200-4374032.html" January and  HYPERLINK "http://news.com.com/news/0-1007-200-4720661.html" February, and  HYPERLINK "http://news.com.com/news/0-1007-200-5051850.html" filed for Chapter 11 bankruptcy last month. KB has had its own shake-up in recent months. In December, the company's management teamed up with Bain Capital to buy the company from Consolidated Stores and take it private. Meanwhile, the company's KBkids unit  HYPERLINK "http://news.com.com/news/0-1007-200-1891895.html" fired Chief Executive Srikant Srinivasan last May and  HYPERLINK "http://news.com.com/news/0-1007-200-1851868.html" laid off 30 percent of its work force. KB expects to receive the eToys inventory within the next two weeks, Reilly said. He didn't know what specifically the inventory contained, but said it included a number of specialty and collectible items. \  INCLUDEPICTURE "http://www.medialifemagazine.com/imgs/topleft.gif" \* MERGEFORMATINET For media planners and buyers  INCLUDEPICTURE "http://www.medialifemagazine.com/imgs/topright.gif" \* MERGEFORMATINET  Toy-seller eToys.com comes back to life, sort of Online toy retailer eToys remains one of the highest-profile dot.com deaths around. The site shut down earlier this year after losing hundreds of millions of dollars. Its assets were acquired this summer for $3.35 million by leading bricks-and-mortar toy retailer KB Toys. But eToys wasnt dead, it was just comatose. KB Toys determined that in terms of online recognition, etoys.com won hands down over its own web site, kbtoys.com. So KB Toys has resurrected etoys.com, primarily because it is a well-established brand on the web. The new eToys looks much like the old eToys, even resorting to the same email marketing tactics. KB Toys is sending 16 eToys-branded email advertisements to former eToys customers but is said to be spending much less than the $72 million in marketing that contributed to eToys downfall. LATEST NEWS  HYPERLINK "http://www.bizjournals.com/rss_promo/" RSS INCLUDEPICTURE "http://a1144.g.akamai.net/7/1144/1175/v88/img.bizjournals.com/misc/xml.gif" \* MERGEFORMATINET  |  HYPERLINK "http://www.bizjournals.com/scoop/reprints.html" Reprints |  HYPERLINK "http://www.bizjournals.com/denver/account/modify_email_subs/" E-mail Alerts |  HYPERLINK "http://www.bizjournals.com/denver/stories/2004/05/10/daily29.html?t=printable" Printable Version |  HYPERLINK "http://www.bizjournals.com/denver/stories/2004/05/10/daily29.html?t=email_story" Email Story May 11, 2004 KB Toys sells Denver-based online business  HYPERLINK "http://www.bizjournals.com/search/bin/search?t=denver&am=denver&q=%22%22&f=byline&am=120_days&r=20"   HYPERLINK "http://www.bizjournals.com/search/bin/search?q=%22KB%20Toys%20Inc%22&t=denver" KB Toys Inc. of Pittsfield, Mass., has completed the sale of its Denver-based retail Internet operations to  HYPERLINK "http://www.bizjournals.com/search/bin/search?q=%22Toy%20Acquisition%20Corp%22&t=denver" Toy Acquisition Corp. for some $8 million in cash and royalties.  HYPERLINK "http://clk.atdmt.com/KNS/go/bzjrmcbc0010000504kns/direct/01/" \t "_blank"  INCLUDEPICTURE "http://view.atdmt.com/KNS/view/bzjrmcbc0010000504kns/direct/01/" \* MERGEFORMATINET  HYPERLINK "http://clk.atdmt.com/KNS/go/bzjrmcbc0010000504kns/direct/01/" \t "_blank"  INCLUDEPICTURE "http://view.atdmt.com/KNS/view/bzjrmcbc0010000504kns/direct/01/" \* MERGEFORMATINET   INCLUDEPICTURE "http://a1144.g.akamai.net/7/1144/1175/v88/img.bizjournals.com/t.gif" \* MERGEFORMATINET  Recent Company News  HYPERLINK "http://www.bizjournals.com/search/bin/search?q=KB%20Toys%20Inc&jst=t3_cn_mh" KB Toys Inc.  HYPERLINK "http://www.bizjournals.com/search/bin/search?q=KBtoyscom&jst=t3_cn_mh" KBtoys.com  HYPERLINK "http://www.bizjournals.com/search/bin/search?q=Toy%20Acquisition%20Corp&jst=t3_cn_mh" Toy Acquisition Corp. Latest News  HYPERLINK "http://www.bizjournals.com/denver/stories/2005/11/21/daily23.html?jst=t3_ln_hl" GT Development acquiring IMI  HYPERLINK "http://www.bizjournals.com/denver/stories/2005/11/21/daily22.html?jst=t3_ln_hl" 3 indicted in real estate case  HYPERLINK "http://www.bizjournals.com/denver/stories/2005/11/21/daily21.html?jst=t3_ln_hl" Rockies Express pipeline to Ohio reaches into western Wyoming  HYPERLINK "http://www.bizjournals.com/denver/stories/2005/11/21/daily20.html?jst=t3_ln_hl" Gionet returns to CBS4 anchor chair  HYPERLINK "http://www.bizjournals.com/denver/stories/2005/11/21/daily19.html?jst=t3_ln_hl" Liberty Media buys majority interest in British company More  HYPERLINK "http://www.bizjournals.com/denver/companies/?jst=t3_cn_mh" Companies in the News  HYPERLINK "http://www.bizjournals.com/denver/people/?jst=t3_pn_mh" People in the News  INCLUDEPICTURE "http://a1144.g.akamai.net/7/1144/1175/v88/img.bizjournals.com/t.gif" \* MERGEFORMATINET  The Massachusetts toy seller announced the sale in March of this year, after filing Chapter 11 bankruptcy reorganization in January. As part of the deal, Toy Acquisition has renamed itself eToys Direct Inc. and will maintain the KB Internet business' Denver headquarters and fulfillment center in Blairs, Va. EToys now owns and operates KB Toys'  HYPERLINK "http://etoys.com/" eToys.com Web site and runs the  HYPERLINK "http://kbtoys.com/"  HYPERLINK "http://www.bizjournals.com/search/bin/search?q=%22KBtoyscom%22&t=denver" KBtoys.com site via a long-term licensing agreement. "The sale of the Internet assets and licensing the  HYPERLINK "http://www.kbtoys.com/" www.KBtoys.com retail site are significant reorganization steps planned as part of KB Toys' restructuring process," KB CEO Michael Glazer said in a statement. "The company now may focus on its core competencies of toy retailing and wholesaling." In the deal, KB expects to get $6.5 million cash and $1.5 million in licensing royalties for next three years, according bankruptcy documents. KB got the go-ahead for the sale on May 5, after the judge in its bankruptcy, Joel Rosenthal of the U.S. Bankruptcy Court in Wilmington, Del., OK'd the transaction, according to the Berkshire Eagle of Pittsfield. Toy Acquisition Corp. is a subsidiary of D.E. Shaw Laminar Portfolios LLC, which recently bought bankrupt toy retailer FAO Schwarz's Manhattan and Las Vegas stores for $41 million. D.E. Shaw Laminar is part of New York-based investment firm D.E. Shaw & Co. LP, with $7 billion in assets. KB Toys got into the Internet business in 1999, after former owner Consolidated Stores Corp. bought a majority stake in Denver-based  HYPERLINK "http://brainplay.com/" BrainPlay.com. The same year, KB's Internet arm launched the KBtoys.com Web site. In 2001, KB increased its Internet operation's size by buying the assets of eToys Inc., including its 400,000-square-foot Virginia fulfillment center. Privately held, 80-year-old KB Toys filed Chapter 11 bankruptcy in mid-January, with $350 million in financing from Fleet Retail Group Inc. to help it reorganize. The toy retailer subsequently announced it was closing 375 of its 1,300 stores, including 13 in Colorado. 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