The Children’s Place, a national retailer specializing in children’s clothing, has filed for bankruptcy in New Jersey and aims to sell the company and its assets by the end of the year. The company, founded in 1969, announced plans to run significant discounted sales as it seeks a buyer.

The Children’s Place will close all of its New Jersey stores, including locations in Blackwood, Cherry Hill, and Deptford, resulting in layoffs for more than 700 employees statewide. The company stated in a notice to New Jersey regulators that it is facing financial difficulties and has not secured a buyer for its assets or operations. The chain expects to complete its New Jersey closures by early February.

The company currently operates more than 500 locations nationwide, including over 30 in New York and nearly a dozen in the Philadelphia region, most of which are situated in malls or outlet centers. The retailer has launched a “Total Inventory Blowout” sale, with all merchandise marked down between 25% and 60% both in-store and online, and all sales considered final.

The company’s financial troubles have persisted over several years. The Children’s Place closed 300 stores across the country in 2020 and 2021, but sales and revenue continued to fall. For the three months ending August 1, the retailer’s net sales dropped about 20% compared to the same period last year, reflecting a broader trend of declining foot traffic and high debt.

The Children’s Place is considering bids from both investor groups and liquidators, which could result in either the business continuing under new ownership or a full liquidation. The outcome will depend on the valuation of the bids and ongoing negotiations.

Recent leadership changes have also occurred, with several top executives, including interim CEO Muhammad Asif Seemab, resigning in the past week, according to filings with the Securities and Exchange Commission. In recent statements, Seemab said the company remained “focused on cost reduction in all aspects of the business” and was “evaluating our operating model to function in a profitable manner and improve our immediate liquidity position.”

The future of The Children’s Place depends on the results of the bankruptcy process and whether a buyer can be found. If not, liquidation and further closures are possible.