SECAUCUS, N.J.--(BUSINESS WIRE)--Jan. 26, 2004--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced that Neal Goldberg, 44, is joining the Company in the position of President. In this capacity, he will be responsible for overseeing marketing, store operations and all aspects of the merchandising process, including design, merchandising, planning and procurement. Mr. Goldberg will report directly to Ezra Dabah, Chairman and Chief Executive Officer.

"We are delighted to have Neal join our team," said Ezra Dabah, Chairman and Chief Executive Officer. "Neal is a respected, well-rounded retail veteran with excellent leadership skills and a strong track record of growing successful businesses. His unique mix of merchandising and operational expertise will serve the business well as we build the necessary infrastructure to support our future growth and continue to strengthen our position in the zero to 10 age category."

Neal Goldberg commented, "The Children's Place has emerged as a significant player in the children's apparel market. The Company's strong merchandising and sourcing expertise creates consistent style, quality and value for the customer that is hard to find anywhere else. I am thrilled to be part of such a terrific retail concept and look forward to working closely with Ezra and the team to maximize its full potential."

Mr. Goldberg brings over 20 years of retail experience to The Children's Place in both the department store and specialty store arenas. Most recently, he was President of Gap Inc.'s (NYSE: GPS) Outlet Division for two years, overseeing 220 stores across the Gap, Old Navy and Banana Republic brands with combined sales of over $1.0 billion. In this role, Mr. Goldberg supervised merchandising, sourcing, planning, distribution, finance, visual merchandising and human resources. Prior to Gap, he spent two years at the Victoria's Secret Beauty/Intimate Beauty Corp. division of Limited Brands (NYSE: LTD), most recently as Senior Vice President/Chief Stores Officer. In this capacity Mr. Goldberg played an integral role in the repositioning and growth of the business.

Before moving over to specialty retail, Mr. Goldberg spent 16 years with Macy's as a buyer, store manager and ultimately as Senior Vice President/General Manager for the chain's flagship Herald Square location, the world's largest store. While General Manager, Mr. Goldberg led Herald Square through one of its most successful and profitable growth periods, as sales grew to more than $500 million and its operating margin grew considerably. Mr. Goldberg began his retailing career in the Executive Training Program at Bloomingdale's and holds a BS from the University of Maryland.

The Children's Place Retail Stores, Inc. is a leading specialty retailer of high quality, value-priced apparel and accessories for children, newborn to age ten. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of January 3, 2004, the Company operated 693 stores, including 651 stores in the United States and 42 stores in Canada. The Company also sells its merchandise through its virtual store located at www.childrensplace.com.

This press release may contain certain forward-looking statements regarding future circumstances. 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 to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake 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 Children's Place or any other person that the events or circumstances described in such statement are material.

    CONTACT: The Children's Place
             Seth Udasin, 201/558-2409
             Heather Anthony, 201/558-2865

    SOURCE: The Children's Place