A Dec. 9 bid cutoff gives The Children’s Place a timetable for selling substantially all its assets after the retailer entered Chapter 11 on Nov. 8, with a sale targeted by year-end.
The retailer also aims to close a sale by the end of December. Its shops and websites continue operating, while proposed inventory sales require court approval.
Rudy Morando, the retailer’s co-chief restructuring officer, described the planned process as “efficient and transparent.”
The retailer’s North American footprint includes 514 stores, alongside two online storefronts. The Children’s Place and Gymboree are its brands; wholesale and franchise partners distribute its products in 13 countries.
A Nov. 9 filing with the Securities and Exchange Commission (SEC) said $394 million in debt obligations was outstanding as of Nov. 8, the bankruptcy petition date. The filing said those obligations became due upon the petition and excluded accrued interest and other fees from the figure. EconoTimes previously covered the retailer’s Chapter 11 filing and asset-sale plan.
