News
Disney reclaims US stores
Helen Jacobs May 2 2008, 9:33am
Walt Disney Company acquires Disney Stores in US and Canada from Hoop Retail Stores.
The transaction consisted of an asset purchase by Disney’s subsidiaries through the bankruptcy and insolvency proceedings of Hoop Retail Stores and Hoop Canada, subsidiaries of the Children’s Place Retail Stores.
The number of stores acquired currently stands at about 220, with the total number dependent on negotiations with landlords.
Disney also obtained the right to wind down and close almost 100 stores in the US and Canada, but without assuming the leases.
Andy Mooney, chairman of Disney Consumer Products, said: “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.”
Meanwhile, James Fielding has accepted the position of president, Disney Stores Worldwide, overseeing merchandising and other operations of the stores in North America and Europe, as well as managing the relationship with Oriental Land Company, which operates Disney Stores in Japan under licence.
Late March saw the Children’s Place Retail Store announce it was planning to exit its deal to operate Disney Stores North America to concentrate on its core brand.
Soon after, Hoop Holdings filed for Chapter 11.
