Walt Disney Co. to Take Control of North American Disney Stores1 May, 2008 By: Billy Gil
The Walt Disney Co. has acquired the Disney Store Chain in North America, consisting of about 220 Disney Stores in the United States and Canada, from subsidiaries of The Children's Place Retail Stores.
The transaction consisted of an asset purchase by Disney's subsidiaries through bankruptcy and insolvency proceedings of Hoop Retail Stores in Delaware and Canada. Disney also has acquired the rights to close approximately 98 Disney Stores in the United States and two in Canada, without assuming the leases of those stores.
“From ‘Cars' to ‘High School Musical' to ‘Disney Fairies', Disney's entertainment engines are producing multiple popular franchises,” said Andy Mooney, chairman of Disney Consumer Products. “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.”
Disney's James D. Fielding will serve as president, Disney Stores Worldwide, overseeing operations in North America and Europe, as well as managing the relationship with Japan's Oriental Land Company, which operates Disney stores there under a license arrangement.