The Children's Place Retail Stores, Inc. Provides NASDAQ Listing Update
SECAUCUS, N.J., Sept. 20, 2007 (PRIME NEWSWIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE) announced today that, as anticipated, it received a NASDAQ Staff Determination letter dated September 17, 2007 from the NASDAQ Stock Market. The letter states that because the Company has not filed its Form 10-Q for the fiscal second quarter of 2007 with the Securities and Exchange Commission, NASDAQ, pursuant to Marketplace Rule 4310(c)(14), has an additional basis for delisting the Company's securities from The Nasdaq Global Select Market.
The Company anticipated receipt of this notice since, as previously announced, it received previous determination letters indicating that the Company was not in compliance with the filing requirements for continued listing due to the Company's inability to file its Quarterly Reports on Form 10-Q for the second quarter ended July 29, 2006, the third quarter ended October 28, 2006, the first quarter ended May 5, 2007, and its annual report on Form 10-K for the fiscal year ended February 3, 2007.
Separately, the Board of Directors of the NASDAQ Stock Market recently notified the Company that it has until November 14, 2007, to file all of its delinquent periodic reports to regain compliance with Rule 4310(c)(14). If the Company has not regained compliance by November 7, 2007, the Company will need to explain to the NASDAQ Staff the reasons for its inability to do so, in order for the NASDAQ Board to consider whether any further extension is warranted. There is no assurance that the Company will be able to meet the new deadline, and if it does not, there is no assurance that the NASDAQ Board will grant the Company additional time to become compliant. If the Company fails to come into compliance by November 15th or any extended deadline, the Company anticipates that its shares will be delisted.
The Children's Place Retail Stores, Inc. is a leading specialty retailer of children's merchandise. The Company designs, contracts to manufacture and sells high-quality, value-priced merchandise under the proprietary "The Children's Place" and licensed "Disney Store" brand names. As of September 1, 2007, the Company owned and operated 889 The Children's Place stores and 328 Disney Stores in North America and its online stores at www.childrensplace.com and www.disneystore.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, as well as the risks and uncertainties relating to the Company's stock option granting practices and the completed investigation by the special committee of the Company's Board of Directors, the previously announced pending restatement of the Company's historical financial statements, the delays in filing the Company's periodic reports with the Securities and Exchange Commission, the pending NASDAQ proceedings regarding the Company's continued listing, the outcome of the informal investigation of the Company being conducted by the Securities and Exchange Commission, potential other governmental proceedings, the shareholder litigation commenced against the Company and certain of its officers and directors, and the potential impact of each of these matters on the Company. 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. The Company undertakes 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 Company or any other person that the events or circumstances described in such statement are material.
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SOURCE: The Children's Place Retail Stores, Inc.
The Children's Place Retail Stores, Inc.
Susan Riley, EVP, Finance & Administration
201/558-2400
Heather Anthony, Sr. Director, Investor Relations
201/558-2865