Report: Children's Place Retail Stores puts itself up for sale
Children's Place Retail Stores, Inc. (Nasdaq: PLCE) is putting itself up for sale, according to a Fortune magazine story reported after Thursday’s close. The news follows the recent firing of its CEO, resignation of its auditor and several shareholder lawsuits.
According to the story, The Secaucus, N.J.-based kids clothing retailer has hired investment bank Peter J. Solomon to advise the company on a sale. Prospective buyers include private equity groups and clothing companies, according to two anonymous individuals familiar with the company’s plans who are cited in the story.
In morning trading, PLCE shares are soaring 7.08%, or $1.55, at $24.30. Over the last 52 weeks, shares have ranged from $20.56 to $71.81.
