Central New York Retailer ‘The Children’s Place’ to Close 300 Stores
Retailer 'The Children's Place', which has locations in Syracuse and New Hartford, says it plans to close 300 stores across the country.
The retail apocalypse, already well underway when coronavirus-related closures struck, has claimed another victim: kid's retailer 'The Children's Place'. The store, which has locations in Sangertown Square and Destiny USA says it's accelerating its shift to more online business.
In a call transcribed by The Motley Fool, the company says they're planning on "closing approximately 200 store locations in fiscal 2020, and approximately 100 store locations in fiscal 2021." The call also noted the company has suspended all payments on leases for all their stores and are renegotiating with landlords.
Sangertown is already experiencing tenant losses, with the planned closure of JC Penney, the last remaining original anchor tenant - and the loss of other smaller retailers over the past several years.
Destiny USA has also experienced tenant turnover in the past few years.
'The Children's Place' has yet to release a list of stores that will be closing, but they say stores that do close will have liquidation sales.
The retail sector has been hard hit by coronavirus, with store closures making it even harder for brick-and-mortar stores to compete with online retailers. In April, Forbes reported year-over-year retail sales were up over 146%.
It's getting harder and harder to shop for kid's clothes in person in Central New York.