A Montgomery County toy maker, known for the iconic brands Lincoln Logs and Tinkertoy, is heading to auction, according to announcement from PNC Financial Services Group.
The public sale of Hatboro-based K'Nex Industries will be Monday, according to the announcement, with the opening bid set at $21 million.
An unidentified third party made a $21 million offer to the bank, prompting the opening bid amount.
PNC Financial Services Group Inc., in its role of secured creditor, issued a notification of the public sale of collateral of K’Nex.
The company got its start in 1992 with a color-coded rod and connector building system. K’Nex makes educational construction toys. Its family of brands includes Mighty Makers, Super Mario and Lincoln Logs and Tinkertoy, which are both under license from Hasbro, according to K’Nex’s website.
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