Thirty-year-old Canada Games – maker or distributor of Balderdash, Creepy Crawlers, Laser Challenge, Pog and Yo-Yo tops – has declared bankruptcy after finding itself $11 million in debt.

The receiver, kpmg, is continuing to run the company until it can be sold or the assets divided.

The family-run company of Concord, Ont. was founded Aug. 22, 1967 by Harvey Albert. His sons Kenny, Michael and Richard hold vice-presidential positions.

Richard Albert, vice-president of operations and internal relations, says that in the toy business, it’s famine for the first six months of the year followed by feast in the months leading up to Christmas.

He says Canada Games was poised for a strong 1997 but all attempts to either sell the company or put new financing in place fell through at the 11th hour.

While there won’t be a new company rising like a phoenix from the ashes, he says you still might see some of the Albert family in the toy business.