This is a summary of an article originally published by ROI-NJ.com. Read the full article here.

The Children’s Place specialty apparel chain, struggling with debt, falling sales and customers shifting to online shopping, filed for Chapter 11 bankruptcy protection on Nov. 8 to reorganize and seek a buyer for its assets.

The Secaucus-based company, which also operates Gymboree stores, and its affiliates filed their petition in the U.S. Bankruptcy Court for the District of New Jersey on Nov. 8, listing $742.3 million in assets and $881.2 million in debts.

The company said it seeks to sell all its assets and is in discussions with multiple parties about potential transactions that would allow it to continue as a going concern and preserve its brands’ value. To maximize value for all stakeholders, The Children’s Place said it plans to file a motion requesting approval of a competitive marketing and sale process.

While this process proceeds, the company said all stores and e-commerce sites remain open and continue to serve customers. The company is requesting parties to submit bids by Dec. 9, 2026, and expects to complete the court-supervised sale process by the end of December 2026.

To fund restructuring process and operations, The Children’s Place plans to enter into a new term loan facility provided by its existing secured lenders.

“Today’s announcement marks an important step in our efforts to secure the best path forward for The Children’s Place,” said Rudy Morando, co-chief restructuring officer of The Children’s Place. “For nearly 60 years, The Children’s Place has supported growing families with apparel that customers have come to know and love. We recognize the significance of this development for our employees, customers, vendors, and other partners, and we are committed to conducting an efficient and transparent sale process. In the meantime, we remain focused on serving the families who have trusted The Children’s Place for generations.”

The Children’s Place intends to continue its ongoing inventory sales across its store fleet designed to enhance liquidity and maintain operational flexibility. The Children’s Place has entered into a consulting agreement with a joint venture of GA Group, Tiger Group, and SB360 Capital Partners.

White & Case LLP is serving as legal counsel, BRG is serving as financial adviser, Cascadia Capital is serving as investment banker, Cole Schotz P.C. is serving as New Jersey local counsel, Omni Agent Solutions, Inc. is serving as claims and noticing agent, and C Street Advisory Group is serving as strategic communications advisor for the Company.

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