4Kids Entertainment files for Chapter 11 bankruptcy protection

However, the London-based subsidiary is not part of Chapter 11 filing.
Publish date:
Social count:
1_184_7965_184_5772_184_5740_184_5477_4Kids logo - good sized.jpg

4Kids Entertainment has filed for bankruptcy protection under Chapter 11.

The filing in the US Bankruptcy Court for the Southern District of New York also covers all of the domestic wholly-owned 4Kids subsidiaries.

However, crucially, the London office is not part of the bankruptcy filing.

In conjunction with the Chapter 11 filing, 4Kids also filed a variety of first day motions that will allow the firm to continue to manage operations in the ordinary way.

In addition, the bankruptcy filing automatically stays the lawsuit filed by the licensors of the Yu-Gi-Oh property, Asatsu-DK and TV Tokyo, which was made against 4Kids on March 24th, until such time as the court may order otherwise.

"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," commented Michael Goldstein, interim chairman of 4Kids Entertainment. "The company will also continue to explore its strategic alternatives, including the possible sale of the business or reorganisation as a stronger and more focused company."

Addressing the Yu-Gi-Oh lawsuit, Goldstein added: "We have made every effort to reach agreement with the licensors. When the company did not receive a positive response from the licensors to its settlement proposal, the board of directors was left with little choice but to authorise the filing of a bankruptcy petition under Chapter 11 in order to best preserve the business and assets of 4Kids Entertainment.

"We continue to believe that the purported termination of the Yu-Gi-Oh agreement was wrongful and that 4Kids' assessment of the audit claims will be vindicated in court. If the court rules in favour of the company, 4Kids will pursue the full measure of damages for the significant injury the licensors have caused to the business of 4Kids."


Featured Jobs

Aardman Job Logo 620 x 349

Brand Manager (Maternity Cover)

Part of the brand team, The Brand Manager works closely with several members of the department, including Studio Publicist, Community Managers, Licensing, Sales and Attractions and Live Experiences teams to implement local and international strategies in the form of brand plans and maximising on all activity surrounding the properties.

Universal Job Logo 620 x 349

Senior Graphic Designer, EMEA - Consumer Products

Working in tandem with the Product Development team and reporting into the Design Manager EMEA, the purpose of this role is to drive forward our creativity across all licensed consumer products. As part of the creative team, you’ll be developing exceptional creative assets and product concepts for numerous NBCUniversal franchises that inspire licensing partners across the entire region.

SanrioJob Logo 620 x 349

Creative Manager

Best known for global icon Hello Kitty, Sanrio has a portfolio of more than 400 characters. We license a unique collection of branded gifts, stationery and fashion accessory items while collaborating with the most respected companies in the world. Our EMEA business coordinates the development licensing throughout Europe, Russia, Middle East, Africa, Asia (for Mr Men), Australia and New Zealand. An exciting, permanent opportunity has come up at our London office to lead our Design team as Creative Manager (m/f)

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.