Disney to close 100 stores
By Staff -- Gifts and Dec, 5/2/2008 8:54:00 AM
New York—The Walt Disney Company, Burbank, Calif., will close approximately 98 Disney Stores in the United States and two in Canada, as part of its recent acquisition of the chain in North America from subsidiaries of The Children’s Place Retail Stores, Inc.
Through the acquisition, which consisted of an asset purchase by Disney’s subsidiaries through the bankruptcy and insolvency proceedings of Hoop Retail Stores, LLC in Delaware and Hoop Canada, Inc. in Canada, Disney acquired approximately 220 retail locations. As part of the deal, Disney also obtained the right to close the 100 stores without assuming their leases.
Disney Stores Worldwide will now be headed by retail and Disney veteran James D. Fielding, according to Disney Consumer Products chairman Andy Mooney. Fielding will oversee merchandising and all other operations of the Disney Stores in North America and the 107 existing Disney Stores in Europe, as well as manage the relationship with Oriental Land Company, which operates the Disney Stores in Japan under a license arrangement.
"The Disney Stores can play a vital role in touching the millions who cross their thresholds," Mooney says. "With the reach of a global retail chain, we will be better able to take advantage of our franchises."
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