By JACQUELINE LAUREAN YATES, GMA(NEW YORK) — Joining several other retailers, The Children’s Place is the latest company to announce mass store closings.
The kids’ apparel company, which currently has 920 locations nationwide, recently announced that 200 stores would be shuttered this year in addition to 100 more in 2021.
In a press release, president and chief executive officer Jane Elfers said that the company will be pivoting to focus efforts toward digital sales.
“Although we are facing a period of uncertainty regarding the future impact of the COVID-19 pandemic, The Children’s Place is moving swiftly and decisively to proactively address these challenges,” she said.
“In an effort to structurally position the company for continued success, we are significantly accelerating our fleet optimization initiative, and focusing our resources on accelerating our digital sales, both key elements of our long-standing transformation strategy,” Elfers said in the release. “At the same time, we are addressing the near-term priorities necessary to preserve our financial flexibility.”
The Children’s Place hasn’t said which stores will be impacted by the closures yet, but the company did mention stores will resume business on July 1 after being closed down due to the coronavirus outbreak.The news comes shortly after Gymboree announced in February that the brand would be launching in 200 Children’s Place stores — which is still slated to take place.
The Children’s Place joins J.C. Penney, Victoria’s Secret and Bath & Body Works as retailers announcing store closures this year.
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