Culver City, California-based Small World Toys has filed for Chapter 11 bankruptcy. In a hearing held Tuesday in L.A., Small World was granted approval to borrow up to US$2.6 million in debtor-in-possession financing from its senior creditor, Laurus Master Funds.
Simultaneous with the filing, Small World also announced the resignation of CEO Debra Fine and the appointment of Charles T. Moffitt as her replacement. Fine will continue as a director of Small World Kids Inc.
Small World develops, manufactures, markets and distributes preschool specialty toys and educational products, including licensed lines based on Dr. Seuss, Eric Carle, Ryan’s Room and IQ Baby properties.