The Parent Company has filed for voluntary protection under Bankruptcy Code

This action was announced today and was done before the United States Bankruptcy Court in Wilmington did the same.

According to Michael Wagner, CEO of The Parent Company, this action was a necessary step to preserve the company's value for the stakeholders in light of the ongoing challenging retail environment. And the reputation is very important for the company which is known as a leading commerce, content and new media company for growing families. The Parent Company provides comprehensive eCommerce and eContent resources to help families plan, play and grow. The company's toy business offers toys and children's products through its eToys.com web site, catalogs and strategic retail partnerships; and personalized dolls and accessories through its My Twinn.com brand. Briefly this company is  a market-leading digital content and eCommerce company focused on parents. So now it faces business challenges.

The company has engaged the investment banking firm Oppenheimer & Co. to
explore strategic alternatives, including a sale of some or all of the company's businesses.

The company's Chapter 11 counsel is Pachulski Stang Ziehl & Jones LLP, and the company's financial adviser is Clear Thinking Group LLC. However, the latter financial unfortunate isn't the last. In addition, the company announced that, on December 24, 2008, the company received a Nasdaq Staff Deficiency Letter notifying the company that it is not in compliance with the requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(14) because of the company's failure to timely file its Quarterly Report on Form 10-Q for the period ended November 1, 2008. According to Nasdaq rules, the company has 60 days, until February 23, 2009, to submit a plan to Nasdaq to regain compliance. Following any such submission, Nasdaq may provide the company with up to 180 days (until June 22, 2009) to regain compliance.