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The Children’s Place, in Search of New Ownership, Files for Bankruptcy
The retailer listed $500 million to $1 billion in assets and liabilities as it weighs bids from investors and liquidators.
- On Sunday, The Children's Place filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey to address mounting losses and thinning cash reserves.
- Mithaq Capital, a Saudi family office, became the company's largest shareholder in 2024 and propped up the retailer for years with Shariah-compliant loans; the chain acquired Gymboree Corp. in 2019.
- Financial filings from August 1 show $742.3 million in assets against $881.3 million in liabilities, while revenue for the three months ending August 1 fell 18.9% to $241.8 million.
- Stores and e-commerce sites remain open as the company seeks buyers, with bid submissions due by December 9. Inventory liquidations began on November 6.
- Chief Financial Officer John Szczepanski was appointed acting president following the resignation of interim CEO Asif Seemab, as the company navigates departures of its executive chairman and chief strategy officer.
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The Children’s Place Files for Chapter 11 Bankruptcy, Seeks Buyer After Financial Struggles
SECAUCUS, N.J. (VINnews) — The Children’s Place, one of America’s best-known children’s clothing retailers, filed for Chapter 11 bankruptcy protection Sunday and is seeking a buyer for substantially all of its business, as declining sales, mounting losses and financial pressures threaten its future. The company and 13 affiliated entities filed for bankruptcy in the U.S. […]
Coverage Details
Total News Sources13
Leaning Left3Leaning Right2Center8Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 23%
C 62%
15%
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