being placed under Kenner-Parker. In 1986, Lionel was sold again, this time to toy train collector and real estate developer Richard P. Kughn of Detroit, Michigan; it became Lionel Trains Inc (LTI). In 1989, Lionel phased out the Mighty Sound of Steam and replaced it with what would eventually be called "RailSounds," beginning with their re-issue of the pre-war B6 Pennsylvania switcher. It was rebranded as Lionel LLC in 1995. Lionel, LLC currently owns all trademarks and most of the rights associated with the Lionel Corporation. Lionel Morsan In the early 1970s Lionel bought Morsan Tents from founder Mort Jarashaw. It was a small chain of sporting goods stores based in New Jersey, which became Lionel Morsan. Bankruptcy and buyout After the sale of its train product lines in 1969, Lionel Corporation became a holding company that specialized in toy stores. By the early 1980s, Lionel operated some 150 stores, under the names Lionel Kiddie City, Lionel Playworld, and Lionel Toy Warehouse. For a time it was the second-largest toy store chain in the United States. Lionel entered financial troubles during the early 1980s recession and filed for Chapter 11 bankruptcy in February 1982. After reducing to 55 stores, it emerged from bankruptcy in September 1985. By 1991, the chain had regrown to 100 stores and was the fourth-largest toy retailer in the country, but it once again ran into trouble due to a combination of factors. In 1989, Robert I. Toussie L.P., a partnership of several retail executives, attempted to buy the company. Lionel resisted and the fight drained the company of cash. Meanwhile, non-specialty discount stores expanded their toy sections and undercut the prices of specialty toy chains. Additionally, Lionel found it difficult to compete on price with the larger Toys "R" Us, and it attempted to expand too rapidly in a weakened economy. After a string of unprofitable quarters, it filed for Chapter 11 bankruptcy on June 14, 1991. In 1992, Lionel again tried to reverse its fortunes by merging with the bankrupt Child World, the United States' #3 toy retailer, but was unable to secure financing. By February 1993, Lionel had closed all but 29 stores in six states, concentrating on the markets of Philadelphia, central New Jersey, Baltimore, Washington, D.C., Cleveland, and south Florida. Unable to reach an agreement for reorganization with its creditors, on June 2, 1993, Lionel announced its intention to liquidate all