SECAUCUS, N.J., April 24, 2012 (GLOBE NEWSWIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), the largest pure-play children's specialty apparel retailer in North America, today announced its Class III slate for the upcoming annual stockholders' meeting scheduled for June 13, 2012. Mr. Kenneth Reiss, former partner with Ernst & Young L.L.P, will stand for election to the Board, in addition to incumbent Class III director and chairman, Norman Matthews.
Mr. Reiss, 69, joined Ernst & Young in 1965, and served as a partner from 1977 until his retirement in 2003. While at Ernst & Young, he also served as managing partner for the Assurance and Advisory Practice in the firm's New York office and served as the lead auditor for several publicly traded retailers. Mr. Reiss serves on the board of directors of The Wet Seal, Inc. and Harmon International Industries, Inc.
"Ken will be a tremendous addition to The Children's Place board of directors," commented Norman Matthews, Chairman of the Board. "His deep expertise in auditing, accounting, finance and risk management, and extensive experience with retail and apparel companies, makes him a perfect fit for our board."
Mr. Reiss will qualify as an independent director within the meaning of the Marketplace Rules of the Nasdaq Stock Market, LLC.
In addition, the Company announced that incumbent directors Ms. Sally Frame Kasaks and Mr. Malcolm Elvey will not stand for re-election and will retire from the Board effective June 13, 2012. Ms. Kasaks served as a director since 2000 and Mr. Elvey served as a director since 2002.
Matthews concluded, "We appreciate Sally and Malcolm's dedicated service over the years and thank them for their many contributions."
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, primarily under the proprietary "The Children's Place" brand name. As of January 28, 2012, the Company operated 1,049 stores and an online store at www.childrensplace.com.
This press release is not, and is not intended to be, a solicitation of a proxy from any person.
Forward Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company's positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations. 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 and performance 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 28, 2012. 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 the continued weakness in the economy or by other factors such as increases in the cost of gasoline and food, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. 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
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here