Home / Knowledge / News / Fashion / Children's Place completes transaction between Hoop & Disney

Children's Place completes transaction between Hoop & Disney

01
May '08
The Children's Place Retail Stores Inc announced that its subsidiary Hoop Holdings, LLC (Hoop) has successfully completed the transition of the Disney Store North America (DSNA) business and related assets to affiliates of The Walt Disney Company (Disney).

In connection with the transaction, the Company has agreed to provide transitional support services to the Disney affiliates for a period of up to six months. At this time, the Company estimates that it will incur cash exit costs of approximately $50 million, at the low end of its previously stated range of $50 million to $100 million.

The majority of these cash costs have already been incurred in the first quarter of fiscal 2008. As part of the transaction, the Company has received a release from Disney and has settled potential claims with Hoop.

Upon closing, Hoop will proceed with the administering of the bankruptcy and its claims. Hoop anticipates filing a plan of reorganization and disclosure statements in order to effect a distribution to its administrative and unsecured creditors by the end of 2008.

Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores, Inc., stated, "We are pleased to have completed this transaction successfully, expeditiously and at the low end of our previously stated exit cost range. This event marks a major milestone for both The Children's Place and our Hoop subsidiaries.

For The Children's Place, we can once againfocus exclusively on building our core namesake brand and driving the business forward. For Hoop, the transfer of the DSNA business back to Disney maximizes the return to creditors, enables a substantial portion of the chain to continue operating and is in the best interest of Hoop's suppliers, landlords, creditors and others."

Children's Place Retail Stores Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Oct 2020

Scottish businesses to gain from UK-Japan trade agreement

Scottish businesses, including textile firms, are set to benefit from ...

Pic: SA Company

Apparel/Garments | On 27th Oct 2020

TZP Group makes strategic investment in SA Company

TZP Group, through TZP Capital Partners III, a private equity firm...

Pic: Shutterstock

E-commerce | On 27th Oct 2020

Online shopping scams rise 37% during 2020 1st half in UK

Incidences of online shopping and auction fraud in the UK rose by 37...

Interviews View All

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Sachin Sharma, Gem Enviro Management Pvt Ltd

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Emanuel Fertuzinhos,

Emanuel Fertuzinhos

Founded in 1981, Lisama, a Portuguese company, is a pioneer in the textile ...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search