BUZZ-Children's Place shares plummet after filing for bankruptcy and seeking a sale

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November 9 - ** Children's apparel retailer Children's Place (PLCE.O) shares plummet 30% to 22 cents

** The company has filed for bankruptcy (link), after mounting losses and continued sales declines; the parent company, which owns the namesake brand and Gymboree children's clothing brand, is seeking buyers and has begun inventory liquidation

** As of August 1, Children's Place reported assets of $742.3 million and liabilities of $881.3 million

** Upon court approval, stores and e-commerce website will remain operational and continue serving customers — PLCE

** The company also plans to reach a new term loan agreement with existing lenders

** eMarketer analyst Suzy Davidkhanian said: "Bankruptcy may help preserve the brand under new ownership, but unless consumer favor can be regained, new owners will face many of the same challenges"

** As of the previous trading day's close, the stock was down 91.9% year-to-date

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