SECAUCUS, N.J., May 16, 2002 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced that it has filed a shelf registration statement with the Securities and Exchange Commission with respect to the offering of up to 2,000,000 shares of common stock held by certain affiliates of Saunders Karp & Megrue, L.L.C. ("SKM").

The Company will not receive any of the proceeds from the sale of shares offered by the selling stockholders.

SKM made its original investment in the Company in 1996. SKM currently holds approximately 25.3% of the total shares outstanding. Assuming the sale of all the shares for which the registration statement has been filed, SKM's ownership level will decline to approximately 17.8%. The registration statement provides that each selling stockholder may from time to time sell shares in negotiated transactions, directly with purchasers, block or other institutional trades or one or more underwritten public offerings.

The registration statement relating to these shares has been filed with the Securities and Exchange Commission but has not yet become effective, and, therefore, the shares may not be sold nor may offers be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation 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 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 May 4, 2002, the Company operated 554 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


Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2002 Business Wire.  All rights reserved.