The Children’s Place plans to close 300 stores in the next 20 months, executives announced on an earnings call Thursday.
About 100 locations of the Seacaucus-based retailer will close by the end of the second quarter, bringing this year’s total to 200, and another 100 will close in 2021.
About 50 The Children’s Place closures will happen in the next month and a half after briefly opening for a liquidation sales, Chief Financial Officer and Chief Operating Officer Mike Scarpa told analysts on the call.
With e-commerce sales up 300 percent quarter-to-date, and 95 percent of brick-and-mortar stores still closed due to the pandemic, The Children’s Place announced plans to permanently abandon some of its mall locations.
Chief Executive Officer Jane Elfers said The Children’s Place’s mall locations will represent less than 25 percent of its total revenue.