According to reports, no bidders came forward to buy the assets of Hatfield Township based toy company K’nex.
PNC Bank, which holds loans on the company, held an auction on Monday in Philadelphia. While there were no bidders, a sale is apparently moving forward, but there’s no information available on the buyer. It’s believed that the buyer is from out of state. No additional information was released as to what that buyer will do with K’nex, in operation since 1992. Staffing levels at K’nex are believed to be in the area of 200 people. PNC Bank, prior to Monday’s bidding process, said it had an offer of 21 million dollars for the company’s assets. The buyer, still a mystery, would take on all liabilities of K’nex. Another source said the company had outstanding bills. A New Jersey company filed a complaint in court against K’nex for failing to pay a bill of more than 90,000 for services provided by the company.