The Children's Place is the latest retailer to suffer economic problems in the wake of the coronavirus pandemic.
The chain will permanently close 300 stores over the course of the next 18 months, reported People.
"We are now targeting to close an additional 300 stores by the end of fiscal 2021, with 200 closures planned for this year, and 100 closures planned for 2021," Children's Place President and CEO Jane Elfers said in a statement.
The Children's Place has lost over 38% of its business in the first quarter of 2020 due to the pandemic, the company said.
While they didn't announce the locations of the stores that would be closing, the majority are expected to be located inside malls.
On a positive note, most of their employees that were furloughed due to the onset of the pandemic have already been rehired.
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"We've brought back 88% of our furloughed store associates, with the remaining furloughed store associates expected to return by July 1, when we are planning to have the majority of our stores open," Elfers said.
The Children's Place offers parents an affordable place to shop for their kids clothes, ranging from infants to teens.
The company added they plan to continue to expand their online retail business.
The news of the closures comes after several major retailers have previously announced their intent to shutter stores permanently as well.
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Earlier this month, J.C. Penney announced it would close 154 stores across the country this summer as part of its restructuring process.
250 Victoria's Secret stores and 50 Bath & Body Works outlets will also be closing for good. The locations of those stores have not been released.
In May, Pier 1 Imports divulged they would begin liquidating their remaining 540 retail stores across the country.
Even Starbucks is not immune to the coronavirus downturn. The coffee giant announced it was looking toward closing up to 400 locations over the next 18 months and expanding on "convenience-led formats" like drive-thru and curbside pickup options for consumers.
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