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8-K - Childrens Place, Inc. | v210990_8k.htm |
Exhibit 99.1
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE ANNOUNCES DEPARTURE OF
EXECUTIVE
VICE PRESIDENT, FINANCE AND ADMINISTRATION
Secaucus, New Jersey –
February 11, 2011 – The Children’s Place Retail Stores, Inc. (Nasdaq:
PLCE), the largest pure-play children’s specialty apparel retailer in
North America, today announced that Susan Riley, Executive Vice President,
Finance and Administration, is leaving the Company. The Company has commenced a
search for a Chief Financial Officer and will eliminate the position of
Executive Vice President, Finance and Administration.
John
Taylor, Vice President, Finance, will assume the position of Interim Principal
Financial Officer and Bernard McCracken, Vice President, Controller, will assume
the position of Interim Principal Accounting Officer.
Jane
Elfers, President and Chief Executive Officer, said, “On behalf of the Board of
Directors and senior management, I want to thank Sue for her many contributions
to The Children’s Place. She has been very supportive during my transition to
The Children’s Place and has helped to position the Company for long-term
success. We wish her well in her future endeavors.”
About
The Children’s Place Retail Stores, Inc.
The
Children’s Place is the largest pure-play children’s specialty apparel retailer
in North America. The Company designs, contracts to manufacture and sells
fashionable, high-quality merchandise at value prices under the proprietary “The
Children’s Place” brand name. As of October 30, 2010, the Company
owned and operated 1,005 stores and an e-Commerce site at www.childrensplace.com.
This press release may contain certain
forward-looking statements regarding future circumstances. These forward-looking
statements are based upon the Company's current expectations and assumptions and
are subject to various risks and uncertainties that could cause actual results
to differ materially. Some of these risks and uncertainties are described in the
Company's filings with the Securities and Exchange Commission, including in the
“Risk Factors” section of its annual report on Form 10-K for the fiscal year
ended January 30, 2010. Included among the risks and uncertainties that could cause actual results and performance to
differ materially are the
risk that the Company will be unsuccessful in gauging fashion trends and
changing consumer preferences, the risks resulting from the highly competitive
nature of the Company’s business and its dependence on consumer spending
patterns, which may be affected by a further downturn in the economy, and the risk that the cost of raw
materials will increase beyond current expectations. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date they were made. The Company undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this release does not
constitute an admission by the Company or any other person that the events or
circumstances described in such statement are material.
Contact: Jane Singer, Vice
President, Investor Relations, (201)
453-6955