The Children's Place said on Friday it had received an offer for a $130 million loan that could help it stay afloat, after the ailing U.S. retailer announced earlier this week that Saudi Arabia's wealthy AlRajhi family had amassed a 54% stake in the company in the open market via its investment firm, Bloomberg News reported. Gordon Brothers Group, a firm that specializes in liquidating brick-and-mortar retailers, has provided a term sheet for the loan that is subject to due diligence and other conditions, The Children's Place said. The company added it hoped to finalize terms next month. The loan discussions come after Mithaq Capital, the AlRajhi family's investment firm, crossed into majority ownership of The Children's Place this week through open-market stock purchases, triggering a change-of-control provision in the company's prior $50 million debt package that required it to be refinanced.
