Zany Drops Appeal; Purchase Pending?
Jim Milliot -- Publishers Weekly, 6/11/2001
Zany Brainy has decided not to pursue a hearing before NASDAQ to appeal the decision by that market to delist the retailer for failing to meet its financial requirements. In a filing with the Securities & Exchange Commission, Zany Brainy explained that in light of its Chapter 11 action it decided that rather than fight the delisting its "constituents will be better served by having us focus on our restructuring efforts."
One possible restructuring scenario that was making the rounds at BookExpo America was that Zany Brainy founder David Schlessinger was trying to put together an offer to acquire the company. Schlessinger started Zany Brainy in 1991 but has not been involved with the retailer for several years. A spokesperson for Zany Brainy had no comment on the report.
