West Caldwell, New Jersey - March 30, 1999 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced that a public offering of 1.5 million common shares by certain existing stockholders has been priced at $26 per share. Of the total share amount, 750,000 common shares are being offered by affiliates of Saunders, Karp & Megrue, L.P., a private equity investment firm, with the remaining 750,000 common shares being offered by certain senior officers and a director of the Company. The selling stockholders also granted the underwriters an option to purchase a maximum of 225,000 additional common shares to cover overallotments of shares. Following the offering, the selling stockholders will continue to own a majority of the Company's outstanding common stock. The Children's Place will receive no proceeds from the proposed offering.

The managers of the offering are BT Alex. Brown and Merrill Lynch & Co. as co-lead managers, with Hambrecht & Quist, NationsBanc Montgomery Securities, LLC and Thomas Weisel Partners, LLC as co-managers. A prospectus relating to this proposed offering may be obtained from BT Alex. Brown, One South Street, Baltimore, Maryland 21202.

The Children's Place Retail Stores, Inc. is a specialty retailer of apparel and accessories for children from newborn to 12 years of age. The Company designs, sources, and markets its products under the "The Children's Place" brand name. As of January 30, 1999, the Company operated 209 stores located primarily in regional shopping malls in the eastern half of the United States.