Mattel Looks to Buy Fuhu

In order to facilitate the sale, Fuhu has voluntarily filed for Chapter 11 bankruptcy.

The acquisition will be subject to final documentation, customary conditions to closing and overbidding as it is proposed to be effected through a sale process overseen and approved by the bankruptcy court.

Fuhu said in a statement on its website that it "believes its sale to Mattel can create significant creative and operational synergies and speed innovation in the rapidly emerging children’s technology, and position the Nabi brand and business for further growth and expansion."