According to a press release from The Children’s Place they saw a increase of 300% online sales during a time when 95% of their stores were closed. Most of their stores are located in mall across the country.
Around 200 stores are expected to close by the end of 2020 with an additional 100 by 2021. In March the company suspended all store operations in the Us and Canada and did not reopen them until May.
Jane Elfers, President and Chief Executive Officer, said, “Although we are facing a period of uncertainty regarding the future impact of the COVID-19 pandemic, The Children’s Place is moving swiftly and decisively to proactively address these challenges. In an effort to structurally position the company for continued success, we are significantly accelerating our fleet optimization initiative, and focusing our resources on accelerating our digital sales, both key elements of our long-standing transformation strategy. At the same time, we are addressing the near-term priorities necessary to preserve our financial flexibility.”
Elfers continued, “We believe that our long-standing transformation strategy has prepared us well for these uncertain times. As demand for our essential children’s clothing continues to surge, our omni-channel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300%, while approximately 95% of our stores remain closed. We are planning to have the majority of our stores open by July 1st.”
