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. Getty Images The stores slated to close currently generate about $110 million in annual sales, but Carter’s expects the move to ultimately boost its bottom line by eliminating expenses and shifting customers to nearby locations or online. California could be hit particularly hard.…