Children's Place files for bankruptcy after $31 million loss
Business
Children's Place, the company behind its own brand and Gymboree, has filed for bankruptcy after some tough financial losses and a big drop in sales.
As of Aug. 1, they owed more than they owned ($881.3 million in liabilities versus $742.3 million in assets) and reported a $31 million loss last quarter.
Children's Place receives 9 asset offers
The company still runs more than 500 stores across North America and has Mithaq Capital as its main shareholder since 2024.
During the bankruptcy process, they got nine offers to buy their assets.
They've brought in expert advisers and legal teams to help figure out what comes next.
Since the filing on November 8, shares have dropped dramatically, now trading at just 22 cents.