Children's Place appoints two new independent members to BoD

10 May '08

4 min read

He also was a professor of management at the State University of New York at Buffalo and served as dean of the SUNY-Buffalo School of Management. Dr. Alutto serves on a number of corporate boards, including Nationwide Financial Services, Inc., M/I Homes, Experience Columbus (formerly the Greater Columbus Convention and Visitors Bureau), and the Columbus-Franklin County Finance Port Authority. Dr Alutto previously served as a member of the Board of Directors of United Retail Group, Inc. Dr. Alutto will serve on the Compensation and Governance Committees.

The addition of Mr. Lipschitz and Dr. Alutto will expand the Company's Board of Directors from six to eight, and increases the number of independent directors to five. The term of two current directors, Malcolm Elvey and Sally Frame Kasaks, continues until the 2009 Annual Meeting. With the addition of Mr. Lipschitz and Dr. Alutto, the Company has a majority of independent directors and therefore believes it has regained compliance with Nasdaq's independent director requirement.

Sally Frame Kasaks, Acting Chair of the Board and Lead Director stated, "We are very pleased to be adding two highly qualified independent members to our Board of Directors. Mr. Lipschitz and Dr. Alutto each brings to the Board strong business acumen as well as additional expertise in the retail industry. In addition, we are delighted that our Board has unanimously agreed on the full slate of nominees for election as directors at our upcoming annual shareholders' meeting. The Board of Directors looks forward to working collectively and constructively toward continued progress at The Children's Place.

We will be focusing in particular on the search for a permanent Chief Executive Officer and completing our assessment of the Company's strategies for building on recent positive developments. Our review will encompass the full range of strategic alternatives available to maximize shareholder value, including the potential sale of the Company."

To enable the evaluation of all strategic options for the Company at this time, the Board has granted a request from Mr. Dabah and Golden Gate Private Equity, Inc. for an approval under Delaware law to facilitate their working together to develop and make a proposal to acquire the Company. There is no assurance that any such proposal will be made or, if made, would lead to an agreement with the Company providing for a sale of the Company.

Children's Place Retail Stores Inc

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