KB Toy closing local stores KB Toy Works at the East Town Mall is one of two KB stores closing in the Green Bay area (photo by H. Marc Larson). The chain is in bankruptcy; no closing date is set By Ray Barrington News-Chronicle Both KB Toy Stores in the Green Bay market are closing as part of a company-wide reorganization that will see 377 stores close nationwide. The stores, in Bay Park Square and East Town malls, started closeout sales Thursday. Store managers referred reporters to corporate headquarters. No date was given for the actual closing. A statement from the company said "the sale will continue until all merchandise is gone. It is expected that most stores will close within a few weeks." KB Toys Inc. announced the cutbacks after the U.S. Bankruptcy Court for the District of Delaware approved the company's restructuring plan. The cutbacks will keep more than 750 stores open for now, but a release from the company said it would close "an additional 19 to 115" stores to be announced by Feb. 11. "Closing these stores is a major step in KB Toy's restructuring process. These stores are underperforming or do not fit with KB Toys' strategic plans. Closing them also allows us to further reduce our corporate overhead and regional operating costs. Overall, this step greatly strengthens KB Toy's financial position and puts KB Toys in a position to compete more effectively in the future," said Michael L. Glazer, chief executive officer of KB, in a statement. "The decision to close these stores was difficult but necessary. We want to thank all of the affected employees for their tremendous dedication and support of the Company." According to its Web site, the company also is closing stores in Madison, Racine, Wausau and West Allis. It will continue to operate in Brookfield, Eau Claire, Greendale, La Crosse, Kenosha, West Bend, Johnson Creek, Mosinee and Oshkosh. The stores operate under the KB Toys, KB Toy Works and KB Toy Outlet names. The chain, based in Pittsfield, Mass., filed for bankruptcy protection earlier this year after a soft holiday shopping season.