Ian Ritter is national online editor of GlobeSt.RETAIL.

SECAUCUS, NJ-Retailer the Children's Place is buying the 313-unit Disney Store North America chain in a deal the companies have been publicly considering since June. In May 2003 Disney said it would either sell the chain or close its stores.

The locally based Children's Place will spend an initial $50 million to fund the renovation of the Disney Stores and will begin to pay the Burbank, CA-based Walt Disney Co. royalties on the second anniversary of the closing's transaction.

Company officials say they expect the deal to close by the end of the year. The Children's Place will also pay up to an additional $50 million in store remodeling and operations costs. "We believe their commitment to quality, the Disney brand and entertainment retailing will maximize the Disney Store opportunity," says Peter E. Murphy, EVP and chief strategic officer of the Walt Disney Co., in a statement.