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The Children's Place to close hundreds of stores

The company says it's focusing on reducing its "reliance on our brick-and-mortar channel" and hopes that its mall-based sales will make up less than 25% of its revenue by 2022.

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In an announcement on its first-quarter financial results, executives from The Children's Place said it will target more than 300 stores by next year for closures.

According to a news release, company officials said the coronavirus pandemic forced The Children's Place to temporarily close all of its stores in the U.S. and Canada in mid-March.

The Children's Place started reopening stores in 10 states on May 19. Company officials say they intend to continue to reopen stores on a phased timeline based on state and local guidelines.

As of June 8, The Children's Place reopened 61 stores in the U.S. and Canada, the news release says.

Now, the company is projecting the closure of 300 store locations by next year.

"Although we are facing a period of uncertainty regarding the future impact of the COVID-19 pandemic, The Children’s Place is moving swiftly and decisively to proactively address these challenges," Jane Elfers, President and Chief Executive Officer, said in the news release. "This initiative will greatly reduce our reliance on our brick-and-mortar channel and we are targeting our mall-based, brick-and-mortar portfolio to represent less than 25% of our revenue entering fiscal 2022."

Several other national chains have announced store closures in the midst of the coronavirus pandemic, including J.C. Penney, Victoria's Secret, 24 Hour Fitness and Pier One.