Basic Fun has purchased Hatfield Township-based K’NEX.
Information was released Friday concerning the purchase. Basic Fun reportedly purchased the assets of K’NEX at a public auction at the end of January in Philadelphia from PNC Bank who held loans on K’NEX. PNC’s asking price was 21 million dollars. The sale, according to reports, does not include the liabilities of K’NEX. Basic Fun is expected to continue using the Hatfield Township facility and employ most of the staff. Before K’NEX began experiencing financial problems, the toy company employed between 150 to 200 people. K’NEX also owned classic toy brands Lincoln Logs and Tinkertoy. Calls to K’NEX have not been returned. Basic Fun produces a variety of toys, including My Little Pony and Lite.Brite.