SECAUCUS, N.J. — The Children's Place Retail Stores Inc. said Thursday it is in discussions to buy and operate Walt Disney Co.'s retail store chain in the United States and Canada.
Financial terms and additional information on the possible deal weren't provided Thursday.
Secaucus-based Children's Place said the companies have not entered into a formal agreement or letter of intent.
Children's Place chief financial officer Seth Udasin said the potential deal with Disney would make the combined operations one of the leading retailers in the newborn to age-10 category.
Children's Place also reported better May sales on Thursday.
For the four weeks ended May 29, sales at stores open more than one year, also known as same-store sales, climbed 9 percent. Analysts were expecting a 6 percent rise. The company opened 11 stores in May.
Children's Place reported total sales of $57.2 million in May, up from $48.4 million a year ago. The company said its accessories and boys' businesses were the strongest during the month.
For the 17-week, year-to-date period, same-store sales jumped 14 percent and total sales rose to $283 million from $229.4 million.
Children's Place operates 711 stores, including 665 stores in the United States and 46 stores in Canada.