Shares of The Children’s Place Inc. plummeted 23.1% on Wednesday after GlobalData Retail proposed that Target Corp. could derail the relaunch of Gymboree in spring 2020.
“Target, for example, has made significant share gains in kidswear and has a strong overlap with the customer base of The Children’s Place,” Neil Saunders, managing director at GlobalData Retail, said.
One of Target’s children’s brands, Cat & Jack, is a billion-dollar label. . . . more