Children's Place Appoints New Auditor

TL;DR

Children's Place switches auditors from Deloitte to PwC, no disagreements reported.

AI Summary

The Children's Place, Inc. announced on August 15, 2024, that it has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm. This change follows the resignation of Deloitte & Touche LLP, effective August 14, 2024. The company stated that the decision to change accountants was not a result of any disagreements or reportable events.

Why It Matters

A change in auditor can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors will monitor closely.

Risk Assessment

Risk Level: low — The filing is a routine change of auditor without any indication of financial irregularities.

Key Players & Entities

• The Children's Place, Inc. (company) — Registrant
• PricewaterhouseCoopers LLP (company) — Appointed independent registered public accounting firm
• Deloitte & Touche LLP (company) — Resigned independent registered public accounting firm
• August 15, 2024 (date) — Date of report and appointment
• August 14, 2024 (date) — Effective date of resignation

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value PLCE NASDAQ Global Select M

Filing Documents

• tm2421801d1_8k.htm (8-K) — 31KB
• 0001104659-24-090531.txt ( ) — 201KB
• plce-20240815.xsd (EX-101.SCH) — 3KB
• plce-20240815_lab.xml (EX-101.LAB) — 33KB
• plce-20240815_pre.xml (EX-101.PRE) — 22KB
• tm2421801d1_8k_htm.xml (XML) — 3KB

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant. The Audit Committee (the "Audit Committee") of the Board of Directors of The Children's Place, Inc. (the "Company") conducted a competitive process to select a replacement for the Company's independent registered public accounting firm for the Company's fiscal quarter ended August 3, 2024 and the remainder of the fiscal year ending February 1, 2025 ("Fiscal 2024"). The Audit Committee invited several independent registered public accounting firms to participate in this process. Following its review of proposals from the firms that participated in the process, on August 15, 2024, the Audit Committee approved the engagement of BDO USA, P.C. ("BDO") as the Company's independent registered public accounting firm for the Company's fiscal quarter ended August 3, 2024 and the remainder of Fiscal 2024. During the fiscal years ended February 3, 2024 and January 28, 2023 and the subsequent interim period through August 15, 2024, neither the Company nor anyone on its behalf has consulted with BDO regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that BDO concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions; or (iii) any matter that was a reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.

01 Financial Statement and Exhibits

Item 9.01 Financial Statement and Exhibits. (d) Exhibits Exhibit 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. 2

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company's strategic initiatives and results of operations, including adjusted net income (loss) per diluted share. Forward-looking statements typically are identified by use of terms such as "may," "will," "should," "plan," "project," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the "Risk Factors" section of its annual report on Form 10-K for the fiscal year ended February 3, 2024. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unable to achieve operating results at levels sufficient to fund and/or finance the Company's current level of operations and repayment of indebtedness, the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company's business and its dependence on consumer spending patterns, which may be affected by changes in economic conditions (including inflation), the risk that changes in the Company's plans and strategies with respect to pricing, capital allocation, capital structure, investor communications and/or operations may have a negative effect on the Company's business, the risk that the Company's strategic initiatives to increase sales and m

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View this 8-K filing on SEC EDGAR