SECAUCUS, N.J., May 2, 2002 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced it has completed its acquisition of 23 store leases and certain other related assets of Au Coin des Petits/Young Canada, the children's division of Comark Inc. Of the acquired stores, 12 are located in Quebec and 11 in Ontario. The Company will convert the acquired locations into The Children's Place stores to sell its proprietary merchandise and plans to reopen these stores during the third quarter of this fiscal year. Also, the Company successfully negotiated to extend the terms for all of the acquired leases to provide for full terms similar to its typical leases in the United States.

The Company also announced plans to open an additional seven stores in Canada by year-end, with the majority of these new stores located in Ontario. To facilitate this expansion, the Company has leased a 30,000 square foot distribution center in Mississauga, Ontario.

"We are excited about bringing our successful, fashionable brand of high quality value-priced merchandise to the Canadian consumer and establishing a strong position across our northern border with our entry into the Canadian market. This acquisition gives The Children's Place the foundation to expand up to 125 stores in the Canadian market," 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."

In addition, the Company appointed Lesya McQueen as Vice President of Canadian Operations. Ms. McQueen most recently served as Vice President of HMV North America, a multi-national music retailer. Ms. McQueen will oversee all of the Company's operations in Canada.

Mario Ciampi, Senior Vice President of Store Logistics and Development stated, "We are very pleased to welcome Lesya McQueen to our organization. Lesya's retail operations expertise, specifically in Canada, gives us confidence in her ability to successfully lead our Canadian operations. Furthermore, in an effort to maintain a high level of service to our Canadian consumers, we will leverage the experience of the talented Au Coin des Petits/Young Canada associates by hiring a significant number of store-level employees."

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 April 6, 2002, the Company operated 547 stores in 47 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.
                  Seth Udasin, 201/558-2409
                  or
                  Morgen-Walke Associates, Inc.
                  Suzanne Rosenberg/Ankit Goyal
                  Media: Laura Novak/Stephanie Sampiere
                  212/850-5600


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