New Jersey Children's Retailer Children's Place Plans to Cut 1,325 Jobs; All 24 Stores in the State Enter Clearance
Children's Place, a children's clothing retailer headquartered in New Jersey, has filed a layoff warning notice with the state labor department, planning to cut 732 employees in New Jersey across 14 counties, effective February 4, 2027; the company's remaining 24 stores in New Jersey have all been placed in closing clearance sales. The company and 13 affiliated companies filed for bankruptcy protection on November 8 in the New Jersey federal bankruptcy court, declaring assets of about $742.3 million and liabilities of about $881.2 million. Clearance sales began on November 6, two days before the bankruptcy filing, at stores including Garden State Plaza in Paramus, Newport Centre in Jersey City, Cherry Hill Mall, Willowbrook Mall in Wayne, and Rockaway Townsquare. Meanwhile, the company also plans to permanently close its distribution center in Fort Payne, Alabama, affecting 593 employees, for a combined total of 1,325 planned layoffs in the two states. The company said it is still seeking a sale of the entire business and has received nine expressions of interest involving part or all of its assets; buyers must submit bids by December 9, and the court-supervised sale is expected to be completed by the end of the year. If no buyer is found, the entire chain could shut down completely.
Source: New Jersey Department of Labor and U.S. Bankruptcy Court
Published by GSM · USA (original Chinese edition)
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