A beloved children’s clothing chain with a huge presence across California is preparing to shutter stores nationwide as it battles rising costs.

Carter’s — the Atlanta-based retailer which also operates OshKosh B’gosh — plans to close 150 locations across the US, ramping up an earlier downsizing effort as part of a broader turnaround strategy.

The closures will happen gradually as leases expire over the next several years as the company looks to cut costs and improve profitability, the company said in a press release.

Carter’s announced the closure of 150 stores. Getty Images

It comes as the children’s retailer has already laid off 300 employees due to rising costs.…