The Children’s Place has notified 732 employees across 24 New Jersey locations of potential layoffs and store closures as the retailer navigates Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey follows an 18.9% drop in second-quarter sales. Management is seeking a buyer to keep operations afloat.
The Childrens Place Files Bankruptcy and Warns of Layoffs
The Childrens Place has filed for Chapter 11 bankruptcy protection and warned that 732 employees across 24 New Jersey stores could face layoffs. The struggling retailer is currently seeking a buyer while maintaining normal business operations.
