SECAUCUS, N.J., Feb 12, 2002 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced plans to enter the Canadian market by acquiring 23 store leases and certain other assets from Au Coin des Petits/Young Canada, the children's division of Comark, Inc.

Under an agreement signed by The Children's Place and Comark Inc., the Company will acquire 12 stores in Quebec and 11 stores in Ontario. The Company will convert the acquired locations into Children's Place stores to sell its proprietary merchandise and plans to reopen these stores during the third quarter of this fiscal year. Financial terms of the agreement were not disclosed.

"Our entry into the Canadian market marks another milestone in our successful growth strategy. This strategic expansion into Canada is an excellent opportunity for the Company to establish a strong position across our national borders. We are excited about bringing our successful brand of high quality, value-priced merchandise to the Canadian consumer and we are confident that we will be very successful," commented Ezra Dabah, Chairman and Chief Executive Officer. "We remain committed to growth and continue to look at additional expansion opportunities in national and international markets that complement our growth strategy."

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 twelve. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of February 7, 2002, the Company operated 520 stores in 46 states. 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 Retail Stores, Inc., Secaucus
                  Seth Udasin, 201/558-2409
                  or
                  Morgen-Walke Associates, Inc., New York
                  Suzanne Rosenberg/Martha Rodriguez
                  Media:  Laura Novak/Stephanie Sampiere
                  212/850-5600

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