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00:02Children's clothing retailer The Children's Place filed for Chapter 11 Bankruptcy Protection Sunday
00:08and plans to sell substantially all of its assets, according to CNBC.
00:13The company is seeking offers from potential buyers by December 9th
00:17and aims to complete a sale by the end of December.
00:20Its 514 North American stores and e-commerce sites remain open for now.
00:25The retailer has struggled with higher tariffs and slower consumer spending.
00:29Its bankruptcy filing listed approximately $742 million in assets and $881 million in debt.
00:38Second quarter net sales fell nearly 19% year over year.
00:42The filing follows the departures of interim CEO Mohamed Asif Simab
00:47and chief strategy officer Mohamed Omer.
00:49The company's shares traded around 18 cents Monday.
00:53For all things money, visit Benzinga.com.
