Longtime kids clothing retailer The Children's Place files for bankruptcy
Children's apparel retailer The Children's Place and its affiliates filed for bankruptcy in New Jersey on Sunday.
The company, which was founded in 1969, announced in a press release that it had filed for Chapter 11 protection and aimed to sell the company and all assets by the end of the year and run discounted sales.
Some stores are expected to close, according to a company spokesperson.
The Children's Place purchased the rights to the Gymboree brand in 2019 and relaunched the brand's stores and online presence in 2020.
When reached for comment, a Children's Place spokesperson directed ABC News to a public statement from Rudy Morando, a co-chief restructuring officer of The Children's Place.
"Today's announcement marks an important step in our efforts to secure the best path forward for The Children's Place," Morando said. "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," Morando added, "we remain focused on serving the families who have trusted The Children's Place for generations."
The Children's Place said it plans to continue selling products in stores that remain open and online for now.
The company is encouraging customers with gift cards or My Place Rewards to redeem them while they remain valid.
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