The Children's Place to close 300 stores

The Children’s Place to close 300 stores

Business

Due to pandemic losses, The Children’s Place, which will close 300 stores, announced the store on its official website last Thursday. Clearance sales will begin soon at 50 locations and will continue for the next six weeks, Boston 25 News reported. Most of its locations are expected to reopen on July 1. Only about 6% of the company’s stores had reopened last week, following closings due to the coronavirus.

“We hope that a good portion of them will open and settle and then close, depending on the inventories remaining in the store,” Chief Financial Officer and COO Mike Scarpa said in a statement. The company wants to reduce the number of its physical stores over the next two years, after citing the increase in e-commerce as one of the factors in the decision to close, the news outlet added. So far, The Children’s Place has 920 stores in the US. USA and Canada:

Around 200 stores will be closed by the end of 2020. An additional 100, slated to close in 2021. Its sales fell 38% in the first quarter of 2020. However, online sales increased from 12% to approximately 53% of total net sales, President and CEO Jane Elfers said in a statement.

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