India, Nov. 9 -- The Children's Place, Inc. (PLCE), an omnichannel apparel retailer, Monday announced that it has voluntarily filed petitions for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of New Jersey.
The Children's Place is also seeking recognition of the U.S. chapter 11 proceedings in Canada to include its Canadian assets and operations in the sale process.
The company seeks to sell substantially all of its assets according to the section 363 of the U.S. Bankruptcy Code, and is in discussion with multiple parties regarding potential transactions that would permit the omnichannel retailer to continue its business enterprise as a going concern.
Further, the company intends to file a motion for ...