Children’s Place (PLCE) has released an update.
The Children’s Place, Inc. has been approached by Mithaq Capital SPC, which now owns a controlling 54% stake, with intentions to reshape the Board of Directors at the upcoming Annual Meeting. Mithaq is also offering to provide financing solutions for the company’s liquidity challenges, subject to approvals and legal compliance. This significant ownership has led to a Change of Control event, causing a default under the company’s credit agreement, prompting negotiations for a default waiver. Shareholders are advised that no immediate action is needed as the leadership works towards the company’s benefit.
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