The Children's Place has filed for Chapter 11 bankruptcy protection, according to multiple reports.
The clothing brand is seeking a buyer for its assets and is attempting to restructure its debt load.
The company is seeking bids from potential buyers and is hoping to have a deal in place by the end of the year, according to CNBC.
The Children's Place lists one location in Rhode Island in Providence, according to its website. The retailer also has 10 stores in Massachusetts and eight locations in Connecticut.
The New Jersey-based company's 514 stores and online site remain open for now. A company spokesperson told ABC News that some stores are expected to close. Those with gift cards and store rewards are encouraged to redeem them now while they remain valid.
The store is also holding a "total inventory blowout" with everything 25 to 50% off both in-store and online, according to The Children's Place website.
Business has been down in recent years due to tariffs, weak consumer spending and other factors, CNBC reported.
Records reported by Reuters show that the company reported approximately $742.3 million in assets and $881 million in liabilities as of Aug. 1. It also disclosed approximately $394 million in outstanding obligations under its debt agreements when it filed for bankruptcy, excluding accrued interest and other fees.
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