The Children’s Place (PLCE) has announced that it will close 300 additional stores by 2021 as it looks to optimize its retail portfolio.

The retailer temporarily closed all of its stores in March because of the coronavirus and, as of June 8, had 61 locations currently open to the public in the U.S. and Canada. The Children’s Place said it would permanently close another 200 locations in 2020 and another 100 stores in fiscal 2021.

As of the end of Q1 2020, The Children’s Place had 920 stores under its umbrella, which was a decrease of 5.1% compared to a year previous. The company announced in 2013 that it was optimizing its retail fleet as it looks to shift away from brick-and-mortar stores in favor of online sales. The Children’s Place previously closed 275 stores.

“Although we are facing a period of uncertainty regarding the future impact of the COVID-19 pandemic, The Children’s Place is moving swiftly and decisively to proactively address these challenges,” Jane Elfers, president and CEO at The Children’s Place, said in a statement.

“In an effort to structurally position the company for continued success, we are significantly accelerating our fleet optimization initiative, and focusing our resources on accelerating our digital sales, both key elements of our long-standing transformation strategy. At the same time, we are addressing the near-term priorities necessary to preserve our financial flexibility.”

Elfers continued, “We believe that our long-standing transformation strategy has prepared us well for these uncertain times. As demand for our essential children’s clothing continues to surge, our omni-channel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300%, while approximately 95% of our stores remain closed. We are planning to have the majority of our stores open by July 1st.”

Net sales for the company for Q1 2020 were down 38.1% to $255.2 million as a result of the coronavirus pandemic. Net loss for the quarter was $114.8 million compared to a net income of $4.5 million in Q1 2019.

Shares of The Children's Place stock were up 2.90% as of 3:31 p.m. EDT on Friday.

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