4Kids Entertainment Files for Chapter 11
4Kids Entertainment, Inc., announced yesterday that it has filed for Chapter 11 of the U.S. Bankruptcy Code. The filing also covers all of the domestic wholly owned subsidiaries of 4Kids. In conjunction with the Chapter 11 filing, 4Kids also filed a variety of first-day motions that will allow the company to continue to manage operations.
“We want to assure our clients, business partners, and licensees that during the pendency of the bankruptcy, 4Kids will continue to provide the same level of service and dedication that it has in the past,” said Michael Goldstein, interim chairman of 4Kids Entertainment, in a prepared statement. “The company will also continue to explore its strategic alternatives, including the possible sale of the business or reorganization as a stronger and more focused company.”
The bankruptcy filing automatically stays the lawsuit filed by the licensors of the Yu-Gi-Oh! property—Asatsu-DK, Inc., and TV Tokyo Corporation—on March 24, 2011, against 4Kids until such time as the court may order otherwise.
4Kids is represented in its bankruptcy filing by its longstanding outside counsel, Kaye Scholer LLP.
Zinkia Acquires Stake in Cake
In a joint venture deal designed to bolster content brand management and distribution opportunities, Zinkia Entertainment announced it has taken a 51 percent stake in kids and family entertainment company Cake. The new alliance sees both companies maintaining their own management, teams, and identities. London-based Cake works closely with a portfolio of production companies from around the world helping them to develop, create, commercially position, and manage their IP propositions for the international market. Zinkia, which has a proven track record in creating and managing entertainment brands, has licensed its Pocoyo property to more than 150 territories worldwide.
FremantleMedia Announces Rebecca Bonbon Spokesperson
FremantleMedia Enterprises (FME) announced that Jennette McCurdy, star of Nickelodeon’s iCarly and Capital Records Nashville recording artist, will serve as the official brand spokesperson for Rebecca Bonbon products, available exclusively at Kmart and Sears in North America.
McCurdy will be working with Rebecca Bonbon, a fashion import from Japan created by the original creator of Hello Kitty, beginning with the 2011 back-to-school line. She will be featured in the marketing campaign for the brand throughout the U.S. and Canada, including print advertisements, in-store elements, and social media initiatives.
Kmart Reveals its ‘Hot 8’ Toys for Summer
Kmart announced its “Hot 8” toys for summer. The toy list features the latest outdoor toys and equipment from the brands, including Power Wheels, Little Tikes, and Fisher-Price.
Kmart’s “Hot 8” Toy List:
- Banzai Splash Blast Lagoon Pool, by ToyQuest
- Little Tikes Get Out ’N Grill, by MGA Entertainment
- Ultra Frame Pool, 16 feet by 48 inches, by Intex
- 12-foot Trampoline with Flash Zone
- Little Tikes 3-in-1 Trike, by MGA Entertainment
- Power Wheels My First Craftsman Truck, by Fisher-Price
- Neat & Tidy Cottage, by Step 2
- Grow with Me 3-in-1 Skateboard, by Fisher-Price
Toys featured on the Kmart “Hot 8” list can be found at Kmart stores nationwide and online at www.kmart.com/Hot8.