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This Beloved Brand Is Closing 122 Stores

Best Life Logo By Sarah Crow of Best Life | Slide 1 of 5: With fewer people shopping brick-and-mortar stores amid the pandemic, the retail industry is having a hard time rebounding. However, it’s not just mom-and-pop shops that have had to shutter due to financial pressure brought about by the pandemic—a number of major chains have been forced to make tough decisions to stay afloat. Now, beloved children’s retailer The Children’s Place has announced plans to close 122 stores in 2021 amid sales losses. And for some shopping experiences you’ll never have again, This Beloved Chain Is Closing All Its Stores.In a March 9 statement, Children’s Place President and CEO Jane Elfers announced that, while the store’s fourth quarter sales “exceeded our expectations in both our digital and store channels,” sales had dipped significantly between 2020 and 2021. The store’s net sales were down 7.8 percent year-over-year, a change the brand attributed specifically to the pandemic.The Children's Place's sales decrease was “primarily driven by the impact of permanent and temporary store closures and the negative impact of reduced operating hours in our mall stores, as mandated by the mall owners,” the brand said in a statement.As a means of keeping The Children's Place afloat, “the Company is planning to close a total of 122 stores in fiscal 2021, with approximately 25 stores closing in the first quarter, and approximately 97 closures planned by the end of fiscal 2021,” the brand announced. The closures follow the 178 brick-and-mortar stores shuttered in 2020.The Children’s Place is far from the only brand that’s suffered serious losses amid COVID, however. Read on to discover which other stores are having to close up shop. And for more stores that aren’t long for this world, This Popular Department Store Just Filed for Bankruptcy.Read the original article on Best Life.

This Beloved Brand Is Closing 122 Stores

With fewer people shopping brick-and-mortar stores amid the pandemic, the retail industry is having a hard time rebounding. However, it’s not just mom-and-pop shops that have had to shutter due to financial pressure brought about by the pandemic—a number of major chains have been forced to make tough decisions to stay afloat. Now, beloved children’s retailer The Children’s Place has announced plans to close 122 stores in 2021 amid sales losses. And for some shopping experiences you’ll never have again, This Beloved Chain Is Closing All Its Stores.

In a March 9 statement, Children’s Place President and CEO Jane Elfers announced that, while the store’s fourth quarter sales “exceeded our expectations in both our digital and store channels,” sales had dipped significantly between 2020 and 2021. The store’s net sales were down 7.8 percent year-over-year, a change the brand attributed specifically to the pandemic.

The Children's Place's sales decrease was “primarily driven by the impact of permanent and temporary store closures and the negative impact of reduced operating hours in our mall stores, as mandated by the mall owners,” the brand said in a statement.

As a means of keeping The Children's Place afloat, “the Company is planning to close a total of 122 stores in fiscal 2021, with approximately 25 stores closing in the first quarter, and approximately 97 closures planned by the end of fiscal 2021,” the brand announced. The closures follow the 178 brick-and-mortar stores shuttered in 2020.

The Children’s Place is far from the only brand that’s suffered serious losses amid COVID, however. Read on to discover which other stores are having to close up shop. And for more stores that aren’t long for this world, This Popular Department Store Just Filed for Bankruptcy.

Read the original article on Best Life.

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