P.J. Kids selling off assets
By Jane Kitchen -- Furniture Today, August 29, 2005
Princeton, N.J. — Juvenile furniture and home accents importer and retailer P.J. Kids has closed and is liquidating assets.
President Stewart Paul said all of the privately owned company's assets are in possession of a bank and will be sold to repay 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 an e-mail.
All of P.J. Kids' inventory, brands, trademarks, patents and designs are for sale.
The company phased out its bedding program this spring and in recent weeks had let some of its key people go. Recent industry buzz was that the company had found a buyer, but the deal fell through.
Customer Larry Muller, owner of Baby & Kids 1st Furniture in Houston, said he had no furniture on order with P.J. Kids, but had received a call from the company saying his requests for parts would be filled.
The company's 13,000-square-foot, corporate-owned Rooms to Dream store in Cherry Hill, N.J., which opened in 2004, closed Sunday.
P.J. Kids has faced challenges in the past year, including bankruptcy filings by some of its major retailers, such as FAO Schwarz and Huffman Koos, owned by Breuners Home Furnishings.
The company's closing is seen as a blow to the juvenile furniture industry.
"P.J. Kids raised the visibility of 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. Vasso Unks, who had been P.J. Kids' marketing director, moved to Primex this spring.
