Overview
- The retailer and 13 affiliates filed for Chapter 11 protection in Newark late on Sunday and say stores and the company website will remain open while the case proceeds.
- Children’s Place reported $742.3 million in assets and $881.3 million in liabilities as of Aug. 1 and posted a $31 million loss for the three months ending that date with net sales down about 19 percent year over year.
- Inventory liquidation sales began on Nov. 6 and the company set a formal bid deadline of Dec. 9 with the goal of completing a court‑supervised sale process by the end of December.
- Majority owner Mithaq Capital holds a 61.1 percent stake and the company has retained Berkeley Research Group, Cascadia Capital, White & Case and Cole Schotz to run the restructuring; court filings say nine acquisition proposals have been received.
- If a buyer is not found the company could move to liquidate, a step that would likely trigger store closures and job losses and would affect more than 500 stores and international franchise operations in Canada, Mexico and parts of the Middle East.