Children's Place rises after layoffs announcement

Children's Place

29/06/2023 15:16

** Shares of apparel retailer Children's Place  PLCE.O  rise
as much as 5.5% to an over one-month high of $22.52
    ** Co on Wednesday announced a reduction of its workforce
and a voluntary early termination of its corporate office lease,
part of its ongoing structural transformation to manage costs
during aftermarket trade
    ** PLCE will reduce about 17% of its salaried positions,
representing 181 employees, a majority of whom are located in
Secaucus, New Jersey
    ** As of January 28, co had about 11,300 employees
    ** PLCE expects to incur a non-operating charge due to the
layoffs in the range of $13 mln and $15 mln, primarily affecting
Q2 results
    ** Stock has fallen over 40% so far in this year

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))