Mumbai: The Walt Disney Company has acquired the Disney Store chain in North America from subsidiaries of The Children’s Place Retail Stores.
As a result of the transaction, which consisted of an asset purchase by Disney’s subsidiaries through the bankruptcy and insolvency proceedings of Hoop Retail Stores, LLC in Delaware and Hoop Canada, Inc. in Canada, Disney acquired approximately 220 Disney Stores in the United States and Disney Stores in Canada, with actual number of acquired stores dependent upon the outcome of negotiations with landlords.
Disney also obtained the right to conduct an orderly wind-down and closure of approximately 98 Disney Stores in the United States and two Disney Stores in Canada, but without assuming the leases for such stores.
"From Cars to High School Musical to Disney Fairies, Disney’s entertainment engines are producing multiple popular franchises. The Disney Stores can play a vital role in touching the millions who cross their thresholds. With the reach of a global retail chain, we will be better able to take advantage of our franchises," said Disney Consumer Products chairman Andy Mooney.
Mooney announced that retail and Disney veteran James D. Fielding has accepted the position of President, Disney Stores Worldwide. Fielding will oversee merchandising and all other operations of the Disney Stores in North America and the 107 existing Disney Stores in Europe, as well as manage the relationship with Oriental Land Company, which operates the Disney Stores in Japan under a license arrangement.