Yesterday began with more bad news for FAO Inc. as Nasdaq notified the company that it could be delisted from the Nasdaq National Market as a result of its Chapter 11 filing last week.
The company has requested a hearing before a Nasdaq Listing Qualifications Panel to request continued listing.
FAO, King of Prussia, PA, owns U.S. toy retailers FAO Schwarz, Zany Brainy and The Right Start. The company said it will close 75 to 80 of its 253 stores but will not cut back its online and catalog operations.
