Parent Co, which changed its name from BabyUniverse in January, listed its total assets at $20.6 million and total debts at $35.7 million as of Dec. 22, according to its filing in U.S. Bankruptcy Court in Delaware.
D.E. Shaw held 63 percent of the company's shares outstanding as of Sept. 30, according to Reuters data. D.E. Shaw affiliates became large shareholders in the company in 2007 when eToys Direct Inc merged with BabyUniverse.
Parent Co said in court documents that its board had determined that it was in the best interest of the company to sell substantially all of its assets.
In a separate statement, it said nine of its subsidiaries also filed for bankruptcy protection.
About the bankruptcy filing Parent Co. Chief Executive Michael Wagner said, "This action is an unfortunate but necessary and responsible step to preserve the company's value for our stakeholders in light of the ongoing challenging retail environment."
They company has hired Oppenheimer & Co to help them sell some or all of its businesses. See also Playthings, Internet Retailer, Forbes and Bizjournals for more news on the Parent Co. bankruptcy.
Reuters 
