aNb Media News, January 26, 2018

K’NEX Goes Up for Public Auction

K’NEX Industries goes up for public sale Monday, January 29, according to a legal note published on Thursday, January 25.

According to the announcement first reported by the Philadelphia Inquirer, PNC Bank, in its capacity at a secured creditor, plans to sell, assign, and transfer the rights, title and interest of Smart Brands International Co., LLC,  K’NEX Industries, LLC, and K’NEX Limited Partnership Group (collectively K’NEX).

The public sale of the toy maker will start with an opening bid of $21 million, which was prompted by an opening offer made by an unidentified third party.

The notice states that the sale will include all assets excluding cash and cash equivalents, equity/membership/ partnership interests in certain subsidiaries and affiliates of K’NEX, refunds or credits for taxes accrued prior to closing of the sale and for prepaid insurance and deposits, all accounts receivable owing to K’NEX or any of its subsidiaries by Toys “R” Us, Inc. or any of its subsidiaries, and certain contracts. 

The construction toy maker, which is based in Montgomery County, Pa., has been in business since 1992 and owns the classic toy brands Lincoln Logs and Tinkertoy.