Announces Class II Director Slate for Upcoming Annual Meeting
SECAUCUS, N.J., Mar 31, 2011 (GlobeNewswire via COMTEX) --
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 II slate for the upcoming annual stockholders' meeting scheduled for May 20, 2011. Mr. Joseph Gromek, President and Chief Executive Officer of The Warnaco Group, Inc., will stand for election to the Board, in addition to two incumbent Class II directors, Dr. Joseph Alutto and Mr. Jamie Iannone.
Mr. Gromek, 64, has served as President and Chief Executive Officer of The Warnaco Group, Inc. since April 2003. Prior to Warnaco, he served as President and Chief Executive Officer of Brooks Brothers from 1996 to 2002. During the previous 25 years, Mr. Gromek held senior management positions with Saks Fifth Avenue, Limited Brands, Inc. and Ann Taylor Stores Corporation. Mr. Gromek currently serves on the Boards of The Warnaco Group, Inc. and Wolverine World Wide, Inc. He is a graduate of St. Peter's College in New Jersey.
"Joe will be a tremendous addition to The Children's Place Board of Directors," commented Norman Matthews, Chairman of the Board. "He has a deep understanding of the domestic and international retail industry and his global perspective will add a new dimension to our Board."
Mr. Gromek 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 director Mr. Charles Crovitz will not stand for re-election and will retire from the Board effective May 20, 2011. Mr. Crovitz served as a director since 2004 and as the Company's Interim Chief Executive Officer from September 2007 until January 2010.
Matthews concluded, "Chuck effectively navigated The Children's Place through a difficult period in the Company's history, and I know the entire Board joins me in thanking him for his 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 29, 2011, the Company operated 995 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. 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 29, 2011. 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 or by other factors such as increases in the cost of gasoline, and 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. 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.
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SOURCE: The Children's Place Retail Stores, Inc.
CONTACT: Jane Singer, Vice President, Investor Relations