The Children’s Place Shutting 125 Stores by 2016
The Children's Place has become the latest chain to disclose major alterations in its retail map, announcing the closing of 125 stores by 2016.
The under-performing locations, 41 of which were already closed in 2013, are being eliminated as part of the Secaucus-based chain's effort to improve profitability, according to a press release.
However, the company says it will open 30 new stores in North America and 65-70 stores internationally this year, and also expand eCommerce and wholesale operations.
The retailer reported disappointing quarterly revenue and gave a dismal forecast. The Secaucus company said that its net income fell 18 percent to $15.7 million, or 69 cents per share, for the quarter that ended February 1st.
Staples this week announced plans to close 225 stores in 2014 and expand their online business while RadioShack plans to close up to 1,100 stores around the country. Convenience store Cumberland Farms is preparing to sell two dozen of its stores in New Jersey, Delaware and Pennsylvania to Petroleum Marketing Group of Woodbridge, Va.
The Associated Press contributed to this report