Disney Stores? operator unit hits skids

Hoop Holdings, a subsidiary of the Disney Stores North America operator, files for chapter 11.
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However, parent company, Children’s Place Retail Stores, said it is not part of the bankruptcy petition.

Hoop, which at March 24th owned 322 Disney Stores, said it has received $35 million of debtor-in-possession financing from Wells Fargo, in order to wind down its business.

The news comes after Children’s Place announced it was in negotiations to exit its deal to operate Disney Stores North America, in order to concentrate on its core brand.

Chuck Crovitz, interim chief executive officer, said: "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."

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