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The Walt Disney Company Discuss Disney Stores to go back to Disney in the Miscellaneous Disney forums; It looks like after the broken license agreements and failure to make profits, The Children's Place is ready to get out of the Disney Store and give it back to ...
  1. #1
    mritty's Avatar
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    Disney Stores to go back to Disney

    It looks like after the broken license agreements and failure to make profits, The Children's Place is ready to get out of the Disney Store and give it back to the Walt Disney Company: Children's Place to exit Disney stores

    I can't help but think this is a good thing. I don't know why WDC sold Disney Store to the Children's Place in the first place, but I'm glad to see them being returned. I haven't been happy with my local Disney Store in years. Here's hoping the new holders of the reigns are able to return it to the levels it was at once upon a time....

  2. #2
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    Oh PLEASSSSSE let this be true!

  3. #3
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    I love Disney Store and I really like to work in the Disney Store as well! And I hope it is true!!!!!!!
    Last edited by JEANYLASER33; 03-20-2008 at 01:39 PM.
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    MAY 2009- POP CENTURY

  4. #4
    I heartpeterpan's Avatar
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    I was working for the disney store during the change over and being bought by the Childrens Place and even though there werent any dramatic changes it just wasnt the same as before so this is GREAT
    Disney Family Vacation 2006 -POP Century

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  5. #5
    SnwhtNdwrfs's Avatar
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    I sure hope this is true. The quality of the exhibits of merchandise has been poor-- not Disney enough for my tastes. It was like getting a taste of Disney without the travelling!


  6. #6
    Serkazong's Avatar
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    Anybody know which stores will be closing?

  7. #7
    mritty's Avatar
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    I don't know, but the store in Albany, NY was having a 40% off sale last weekend. That could be coincidental, or a foreshadowing of things to come. :-(

  8. #8
    satijp is offline Fastpass Holder
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    I know the one at University in Tampa is closing. THey've been having huge sales since well before Christmas. Don't know if they are closed yet...
    -Tanya

    Jan '07 Pop Century, Mar '07 Day Trip, April '07 Off Property, May '07 OKW, July '07 POR, Oct '07 Pop Century (& MNSSHP!!!), Dec '07 Day Trip
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    April '08 AS Sports - I think - still gotta book it

  9. #9
    Stitch's Avatar
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    Quote Originally Posted by Serkazong View Post
    Anybody know which stores will be closing?
    One of my stores (Milford, CT) closed about 3 weeks ago, with no notice.

  10. #10
    Disney05's Avatar
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    Here is the message that has just been posted:
    ***************
    Disney is taking over on May 1st, 2008. On Monday the Disney Stores
    that are closing will be announced.


    Here is the latest news:

    *Hoop Holdings, LLC and Its Subsidiaries D/B/A Disney Store North
    America Pursuing Transfer of Substantial Portion of Disney Store Business to
    The Walt Disney Company Under Chapter 11 Case

    Chapter 11 Filing Does Not Apply to Parent Company, The Children's
    Place Retail Stores, Inc.*
    SECAUCUS, N.J., March 26, 2008 (PRIME NEWSWIRE) -- The Children's Place
    Retail Stores, Inc. (Nasdaq:PLCE), today provided an update on its
    plans to exit the Disney Store North America ("DSNA") business in order to
    focus on its core namesake brand. The Company conducts the DSNA
    business through its subsidiary Hoop Holdings, LLC and its subsidiaries
    ("Hoop") under a license agreement with The Walt Disney Company.
    As previously announced on March 20, 2008, The Children's Place Retail
    Stores, Inc. ("the Company") decided to exit the DSNA business as part
    of the Company's review of strategic alternatives. As part of the
    review, the current management team determined that the license agreement,
    originated in 2004, requires substantial investments that are not
    expected to deliver economic returns. The Company also took into account the
    losses incurred by DSNA's operations, DSNA's current earnings prospects
    as a licensee, and the restrictions imposed by the license agreement
    on the sale of the business to a party other than The Walt Disney
    Company. It was therefore concluded that the Company will be in a better
    position to maximize value by focusing on its namesake Children's Place
    brand. Importantly, this action is only one component of a broader
    strategy to maximize shareholder value. As announced last week, the management
    team is undertaking a number of initiatives to reduce expenses, strea
    mline operations, and lower inventories and capital expenditures.
    Also, as previously announced, the Company and Hoop have been engaged
    in advanced negotiations concerning the transfer of a substantial
    portion of the DSNA business to The Walt Disney Company. In connection with
    these negotiations, Hoop's Board of Directors has determined that with
    limited strategic and financial options available under the license
    agreement, Hoop's only alternative was to file bankruptcy proceedings.
    In a separate press release today, Hoop announced that it commenced a
    Chapter 11 case for the reasons described above. It also intends to
    pursue the transfer of a substantial portion of the DSNA business to an
    affiliate of The Walt Disney Company in order to maximize proceeds
    available to its stakeholders. By filing such a case, Hoop also expects to
    complete an orderly wind-down of the rest of its affairs. The transaction
    under negotiation is subject to the satisfaction of certain conditions,
    including approval of the U.S. Bankruptcy Court and is targeted for
    completion by April 30, 2008. In the event that the transaction as agreed
    to by the parties is approved by the Court, the Company would be
    released from any liabilities and all claims that have been or might be
    asserted by The Walt Disney Company. The Company continues to expect the
    pre-tax cash costs to exit the DSNA business to be within the previously
    stated range of $50 million to $100 million, payable over a period of
    time.
    Neither Hoop's parent company, The Children's Place Retail Stores,
    Inc., nor any of its other subsidiaries, filed for bankruptcy.
    Chuck Crovitz, Interim Chief Executive Officer of The Children's Place
    Retail Stores, Inc., stated, "This exit strategy is consistent with the
    corporate actions and strategic priorities we outlined last week. This
    will enable the Company to transition away from the Disney Store
    business in an orderly and expeditious manner so that we can concentrate
    exclusively on The Children's Place, our core brand and business. We have
    the utmost respect for the Disney Store brand, however, the cost of
    running the Disney Store was no longer an acceptable use of Company's
    resources. We were left with no other choice but to find a reasonable way
    to exit the operations within the confines of the existing license
    agreement."
    "We believe this is the right decision for The Children's Place and its
    shareholders as we move forward with our plans to strengthen
    operations, a process which is well underway. We are pleased with recent sales
    trends in the core business and continue to believe that The Children's
    Place brand is strong and well-positioned for the future."
    As previously disclosed, the Company has been conducting an ongoing
    review of strategic and financial alternatives to accelerate improvement
    of The Children's Place business and deliver enhanced shareholder value.
    The management team has outlined a number of specific initiatives
    including reducing expenses and streamlining operations and is also seeking
    additional funding to strengthen its capital position. There can be no
    assurance that the Company will be able to obtain such funding. As the
    Company's review is ongoing, management will continue to provide
    updates and report on progress throughout 2008.
    The Children's Place Retail Stores, Inc. will host a conference call to
    discuss this announcement tomorrow morning at 9 a.m. Eastern Time.
    Interested parties are invited to listen to the call by dialing
    800-895-0198 and providing the Conference ID, PLCE. The call will also be webcast
    live and can be accessed via the Company's web site,
    The Children's Place. A replay of the call will be available approximately one hour
    after the conclusion of the call, until midnight on April 2, 2008. To
    access the replay, please dial 800-688-9445, or you may listen to the
    audio archive on the Company's website, The Children's Place.
    ***************
    When you wish upon a star.....
    LAUGHTER IS TIMELESS, IMAGINATION HAS NO AGE AND DREAMS ARE FOREVER.
    Adults are only kids grown up, anyway. WD
    ...That's the real trouble with the world. Too many people grow up. WD
    "For those who get it, no explanation is necessary. For those who don't, no explanation will do."


    http://wdwhomesick.wordpress.com/

  11. #11
    ohiodisneydad's Avatar
    ohiodisneydad is offline Hi, my name is David and I like Beverly.
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    Unhappy

    Quote Originally Posted by Disney05 View Post
    Here is the message that has just been posted:
    ***************
    Disney is taking over on May 1st, 2008. On Monday the Disney Stores
    that are closing will be announced.

    Here is the latest news:

    *Hoop Holdings, LLC and Its Subsidiaries D/B/A Disney Store North
    America Pursuing Transfer of Substantial Portion of Disney Store Business to
    The Walt Disney Company Under Chapter 11 Case

    Chapter 11 Filing Does Not Apply to Parent Company, The Children's
    Place Retail Stores, Inc.*
    SECAUCUS, N.J., March 26, 2008 (PRIME NEWSWIRE) -- The Children's Place
    Retail Stores, Inc. (Nasdaq:PLCE), today provided an update on its
    plans to exit the Disney Store North America ("DSNA") business in order to
    focus on its core namesake brand. The Company conducts the DSNA
    business through its subsidiary Hoop Holdings, LLC and its subsidiaries
    ("Hoop") under a license agreement with The Walt Disney Company.
    As previously announced on March 20, 2008, The Children's Place Retail
    Stores, Inc. ("the Company") decided to exit the DSNA business as part
    of the Company's review of strategic alternatives. As part of the
    review, the current management team determined that the license agreement,
    originated in 2004, requires substantial investments that are not
    expected to deliver economic returns. The Company also took into account the
    losses incurred by DSNA's operations, DSNA's current earnings prospects
    as a licensee, and the restrictions imposed by the license agreement
    on the sale of the business to a party other than The Walt Disney
    Company. It was therefore concluded that the Company will be in a better
    position to maximize value by focusing on its namesake Children's Place
    brand. Importantly, this action is only one component of a broader
    strategy to maximize shareholder value. As announced last week, the management
    team is undertaking a number of initiatives to reduce expenses, strea
    mline operations, and lower inventories and capital expenditures.
    Also, as previously announced, the Company and Hoop have been engaged
    in advanced negotiations concerning the transfer of a substantial
    portion of the DSNA business to The Walt Disney Company. In connection with
    these negotiations, Hoop's Board of Directors has determined that with
    limited strategic and financial options available under the license
    agreement, Hoop's only alternative was to file bankruptcy proceedings.
    In a separate press release today, Hoop announced that it commenced a
    Chapter 11 case for the reasons described above. It also intends to
    pursue the transfer of a substantial portion of the DSNA business to an
    affiliate of The Walt Disney Company in order to maximize proceeds
    available to its stakeholders. By filing such a case, Hoop also expects to
    complete an orderly wind-down of the rest of its affairs. The transaction
    under negotiation is subject to the satisfaction of certain conditions,
    including approval of the U.S. Bankruptcy Court and is targeted for
    completion by April 30, 2008. In the event that the transaction as agreed
    to by the parties is approved by the Court, the Company would be
    released from any liabilities and all claims that have been or might be
    asserted by The Walt Disney Company. The Company continues to expect the
    pre-tax cash costs to exit the DSNA business to be within the previously
    stated range of $50 million to $100 million, payable over a period of
    time.
    Neither Hoop's parent company, The Children's Place Retail Stores,
    Inc., nor any of its other subsidiaries, filed for bankruptcy.
    Chuck Crovitz, Interim Chief Executive Officer of The Children's Place
    Retail Stores, Inc., stated, "This exit strategy is consistent with the
    corporate actions and strategic priorities we outlined last week. This
    will enable the Company to transition away from the Disney Store
    business in an orderly and expeditious manner so that we can concentrate
    exclusively on The Children's Place, our core brand and business. We have
    the utmost respect for the Disney Store brand, however, the cost of
    running the Disney Store was no longer an acceptable use of Company's
    resources. We were left with no other choice but to find a reasonable way
    to exit the operations within the confines of the existing license
    agreement."
    "We believe this is the right decision for The Children's Place and its
    shareholders as we move forward with our plans to strengthen
    operations, a process which is well underway. We are pleased with recent sales
    trends in the core business and continue to believe that The Children's
    Place brand is strong and well-positioned for the future."
    As previously disclosed, the Company has been conducting an ongoing
    review of strategic and financial alternatives to accelerate improvement
    of The Children's Place business and deliver enhanced shareholder value.
    The management team has outlined a number of specific initiatives
    including reducing expenses and streamlining operations and is also seeking
    additional funding to strengthen its capital position. There can be no
    assurance that the Company will be able to obtain such funding. As the
    Company's review is ongoing, management will continue to provide
    updates and report on progress throughout 2008.
    The Children's Place Retail Stores, Inc. will host a conference call to
    discuss this announcement tomorrow morning at 9 a.m. Eastern Time.
    Interested parties are invited to listen to the call by dialing
    800-895-0198 and providing the Conference ID, PLCE. The call will also be webcast
    live and can be accessed via the Company's web site,
    The Children's Place. A replay of the call will be available approximately one hour
    after the conclusion of the call, until midnight on April 2, 2008. To
    access the replay, please dial 800-688-9445, or you may listen to the
    audio archive on the Company's website, The Children's Place.
    ***************
    Will someone post the list on here? I get the feeling that our closest store is gonna get the axe.
    "Life is an occassion. Rise to it."- Mr. Magorium
    "Welcome Home"- Best words you'll ever hear when you check in at a Disney Resort





  12. #12
    harra's Avatar
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    My wife will be devastated if our local Disney Store closes down. I don't think there has been a time that our store has been empty. And we go in the middle of the day during the week and it's still busy.

    But, I have a feeling it will quickly come back to it's original luster once it's back under the umbrella of the Disney Corporation.

    I think it's a rare situation when a 3rd party can run a Disney property the way the Disney corporation expects it to be run. The only exception I can think of where it worked is the Oriental Land Company's handling of the Disney properties they are paying franchise fees for
    Ray
    Head Grump
    Grumpy's Hollow

  13. #13
    mritty's Avatar
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    Quote Originally Posted by mritty View Post
    I don't know, but the store in Albany, NY was having a 40% off sale last weekend. That could be coincidental, or a foreshadowing of things to come. :-(
    I spoke to a manager at the Albany Disney Store last night, and asked her if she knew what the future held for them yet. She said they haven't told the employees anything yet, and that we'd probably read about it in the papers the same day they themselves found out if they're closing...

  14. #14
    Serkazong's Avatar
    Serkazong is offline Keep to the code.
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    The Louisville store @ Oxmoor Center is "cautiously optimistic" that they will remain open, but know nothing yet.

  15. #15
    DTSZ's Avatar
    DTSZ is offline B-Ticket Holder
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    My closest store (Livonia, MI) closed. No notice. Just read it in the paper that they had closed.
    DTSZ

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