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The stock of the Children's Place Inc. soared 36% early Wednesday, after the troubled retailer said it has received another loan from Saudi investing firm Mithaq Capital, its majority shareholder, in the latest move to boost liquidity.
The Children's Place Inc. NASDAQ: PLCE stock has had a wild ride in 2024. Shares surged from a swing low of $8.30 on Feb. 9, 2024 to a swing high of $38.03 on Feb. 15, 2024.
The Children's Place (PLCE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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PLCE has increased viability as a meme stock due to Mithaq Capital's aggressive buying and upheaval of the company's leadership team. Mithaq Capital has purchased 7 million of PLCE's 12.5 million shares outstanding. Most of those shares being purchased in a week-long buying spree this month. Mithaq's behavior around its attempted takeover of Aimia provides evidence that a takeover offer on PLCE may come soon.
The biggest insider trading news of the week may have been Amazon.com Inc. (NASDAQ: AMZN) founder Jeff Bezos shedding over $4 billion worth of the company's shares as he reportedly prepares to move to Florida to take advantage of the better income tax environment.
The Children's Place Inc.'s stock PLCE rose 3.3% early Thursday, after the apparel retailer said its been informed by Snowball Compound Ltd. and parties related to Mithaq Capital that they have built a 54% stake in the company and plan to nominate 11 people for election to the board at the 2024 annual shareholder meeting.
After a disappointing holiday season, The Children's Place filed last week that it is working with advisors and lenders to obtain additional financing to support its ongoing operation. The company indicated it is working with Centerview Partners, and it is considering strategic alternatives in case it cannot close on the new, much needed financing.
The Children's Place (PLCE) is actively pursuing measures to enhance its inventory position and bolster financial liquidity.
The Children's Place preannounced a sales miss this morning -- and hinted that earnings might miss as well. Management disavowed its previous sales forecast, blaming discounts and write-downs on merchandise for the miss.