Say Bye-Bye To Beanie Babies
By the turn of the century, beanie babies will become has-beans, reports CBS News Correspondent Anthony Mason.
The maker of the beanbag creatures announced on the company's Internet site that its line of plush-covered, pellet-stuffed animals will be retired on New Year's Day.
Oak Brook-based Ty Inc. posted the announcement Tuesday afternoon after a listing of new Beanie Babies it will release next month. The inconspicuous message said: "VERY IMPORTANT NOTICE: On December 31, 1999-11:59 p.m. (CST) All Beanies will be retired... including the above!"
Company spokeswoman Anne Nickels declined Wednesday to say why the company made the decision -- or whether Ty would be making any new Beanie Babies after the first of the year. Company founder Ty Warner was unavailable for comment, she said.
For years, nothing's been hotter than the cuddly little animals with cute little names. Shop owner Joe Diamond posted the news above his stock of the toys. "Beanie Babies are dead," he says. "It's over December 31. Millenium -- No more Beanie Babies."
No more Quackers the Duck or Pinky the Flamingo. Ty says every last one will be retired. The news caused a frenzy in the beanie world, especially among collectors. Collector Gilbert Steinberg says, I'm checking right now to see what I'm missing in my collection."
Ty began selling the toys in 1993. The company has distributed more than 100 characters, and discontinued models are the hottest sellers.
Toy industry experts attempted to interpret the announcement, saying it was unlikely that the company would stop producing the profitable toys completely.
"The backlash from Beanie collectors, people who really invested a lot to build their collections would be huge," said Chris Byrne, a consultant and editor of the Toy Report, a weekly newsletter.
Leonard Tannenbaum's Beanie Nation Web site was overwhelmed with mournful messages like "the end is coming." "To them, this is affecting your life more than most things you guys have on the news," Tannenbaum says. "This to them is everything."
He's talking about the same avid collectors who've bid the price for Peanut the Elephant up to $5000. Tannenbaum argues, "What would you rather have? A new car? Or Peanut the Elephant?"
In truth, the fad was starting to fade. Store owners say Pokemon is the hot toy now. "But its not the same as Beanie Babies," Diamond feels. "Beanie Babies were unto themselves."
So after one final frenzy of buying, collectors will have to go cold turkey. Steinberg says he'll survive. "Well it'll be difficult," he says. "But I'll manage."
To read what collectors are saying on the Ty Talk Cyberboard bulletin board, click here.