The Children’s Place, a kids’ apparel brand which has a location at the Willow Grove Park Mall, has filed for chapter 11 bankruptcy, according to a Sunday press release.
In its bankruptcy filing, the company reported about $742 million in assets and about $881 million in debts. The Children’s Place is now looking to sell its assets and is seeking offers from potential buyers by December 9, with a goal to close a deal by the end of December.
The company also owns Gymboree, which exists within The Children’s Place’s brick and mortar location at 2500 W Moreland Road.
“Today’s announcement marks an important step in our efforts to secure the best path forward for The Children’s Place,” said Rudy Morando, Co-Chief Restructuring Officer of The Children’s Place. “For nearly 60 years, The Children’s Place has supported growing families with apparel that customers have come to know and love. We recognize the significance of this development for our employees, customers, vendors, and other partners, and we are committed to conducting an efficient and transparent sale process. In the meantime, we remain focused on serving the families who have trusted The Children’s Place for generations.”
The Children’s Place’s stores and e-commerce sites are currently open to customers and the company “intends to continue its ongoing inventory sales across its store fleet”, the press release said.
The company was founded in 1969 and lists more than 500 stores in North America.
Location: Unit 2013
Hours:
- Monday: 11:00 AM – 8:00 PM
- Tuesday: 11:00 AM – 8:00 PM
- Wednesday: 11:00 AM – 8:00 PM
- Thursday: 11:00 AM – 8:00 PM
- Friday: 11:00 AM – 8:00 PM
- Saturday: 11:00 AM – 8:00 PM
- Sunday: 11:00 AM – 6:00 PM
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Photo: Adobe Stock