Announcement of Proposed Public Offering of 3,000,000 Common Stock
Secaucus, New Jersey - July 23, 1999 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed underwritten public offering of 3,000,000 shares of common stock to be sold by existing stockholders. Of this amount, 2,000,000 shares are being offered by affiliates of Saunders, Karp & Megrue, L.P., a private equity investment firm, with the remaining 1,000,000 shares being offered by certain senior officers and directors of the Company. The Children's Place will receive no proceeds from the proposed offering.
The offering will be underwritten by Merrill Lynch & Co. and Banc of America Securities, LLC, as co-lead managers, with Deutsche Banc Alex. Brown, J.P. Morgan & Co. and Thomas Weisel Partners, LLC, as co-managers. A prospectus relating to this proposed offering may be obtained from Merrill Lynch & Co.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
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 July 15, 1999, the Company operated 254 stores located primarily in regional shopping malls in the eastern half of the United States.