Walt Disney Co. (Burbank, Calif.) has reacquired the chain of Disney stores from The Children's Place Retail Stores Inc. (Secaucus, N.J.) and will close about 100 of the 220 stores – 98 in the U.S. and two in Canada.

The deal was completed in conjunction with the bankruptcy proceedings of Children’s Place subsidiaries Hoop Retail Stores and Hoop Canada, which filed for Chapter 11 protection in March. Children's Place said it will cost the company $50 million to exit the operations.

Disney veteran James Fielding will become president of Disney Stores Worldwide, overseeing North American operations and the 107 Disney Stores in Europe.

Children's Place said the Disney Stores recorded an operating loss of $92.1 million for the quarter that ended Feb. 2, 2008, and $107.3 million for the year.

Children's Place will provide transitional support services to Disney for up to six months. After the deal closes, Children's Place said Hoop will continue with its bankruptcy and anticipates filing a plan of reorganization by the end of 2008.

"For The Children's Place, we can once again focus exclusively on building our core namesake brand and driving the business forward," said interim ceo Chuck Crovitz. "For Hoop, the transfer of the DSNA business back to Disney maximizes the return to creditors, enables a substantial portion of the chain to continue operating and is in the best interest of Hoop's suppliers, landlords, creditors and others."

Children's Place took control of the stores in 2004. Crovitz said in March that the arrangement hadn't worked out.