Business The Children's Place will close 300 stores | Economy

The Children’s Place will close 300 stores | Economy

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NEWS ALREADY– Due to the losses from the pandemic, The Children’s Place that will close 300 stores, announced the store on its official website last Thursday.

The clearance sales will begin soon in 50 locations and will be maintained in the next six weeks, said Boston 25 News.

It is expected that most of their locations will reopen on 1 July.

Only around 6% of the company stores had reopened last week, following shutdowns due to the coronavirus.

“We hope that a good part of them are open and cleared, and then close, depending on the inventory left in the store,” said the chief financial officer and director of operations, Mike Scarpa, in a press release.

The company wants to reduce the number of its physical stores during the next two years, then citing the increase in e-commerce as one of the factors in the decision to close, he added the medium of news.

Until now, The Children’s Place has 920 stores in the usa. UU. and Canada:

Around 200 stores will be closed for the purposes of this 2020.

100 additional, scheduled to close in 2021.

Its sales fell 38% in the first quarter of 2020. However, online sales increased 12% to approximately 53% of the total net sales, said president and CEO, Jane Elfers said in a statement.

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