A MAJOR children’s retailer with 600 stores is shuttering yet another location as it continues its 100 store closing streak.
The Children’s Place is officially closing its store at the Atlantic Terminal Mall in Brooklyn, New York.
Earlier this year, the children’s store also shuttered its New York store on Fulton Street.
This follows the chain’s announcement to close 100 of its 600 existing stores this year as more and more consumers shift to online shopping.
"Our fleet optimization strategy has been a critical part of our company's structural reset and aligns with our current and future customers' digital shopping preferences,” president and chief executive officer Jane Elfers said at the time.
The Children’s Place will also be eliminating 17 percent of its workforce.
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“We are confident that our projected fleet size of approximately 500 stores allows us to maximize our omnichannel capabilities and grow our industry-leading digital penetration and service our young, digitally savvy customers through our highest operating margin channel,” Elfers said.
The retailer has struggled to keep all its stores open in recent years.
Since 2019, a total of 315 had their final days as online shopping gained traction and shoppers frequented malls less.
Those missing The Children’s Place at a location near them can still purchase children’s apparel from the retailer at the online site.
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Graphic T-shirts and activewear starts at $5, and clearance items are marked up to 80 percent off.
LARGER TREND
Hundreds of other retailers have closed their doors amid changing retail conditions.
A combination of consumers shifting to e-commerce alongside high rates of inflation has seen shoppers spending less time at brick and mortars.
Earlier this year, Bed Bath & Beyond filed for bankruptcy and closed all its physical stores before being acquired by Overstock for more than $20million.
At the time of its bankruptcy, Bed Bath & Beyond was $5.2billion in debt.
“Over time, we will sunset the Overstock logo and brand. Customers and suppliers like the Bed Bath & Beyond brand,” chief executive officer Jonathan Johnson said after the deal. “So do we. That is who we are becoming.”’
Similarly, Tuesday Morning, Party City, and David’s Bridal also filed for Chapter 11 protection as they faced declining sales.
A beloved Southern restaurant is also closing all stores nationwide.
Here’s a full list of stores that declared bankruptcy as shoppers look for cheaper alternatives.
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