Details Value-Enhancing Transformation Underway, Positive
Operating Performance and Record of Delivering Value to Shareholders
with Stock Near Eight Year High
Board Urges Shareholders to Vote for Three Director Nominees on the
WHITE Proxy Card Today
SECAUCUS, N.J.--(BUSINESS WIRE)--May 1, 2015--
The Children's Place, Inc. ("The Children's Place" or the "Company")
(NASDAQ:PLCE), the largest pure-play children's specialty apparel
retailer in North America, today announced that it has filed a detailed
investor presentation with the Securities and Exchange Commission to
help shareholders make an informed decision regarding the re-election of
three of the Company’s Board members on May 22, 2015.
Norman Matthews (Chairman of the Board), Kenneth Reiss (Chair of the
Audit Committee) and Stanley W. Reynolds (member of the Audit Committee)
are standing for re-election to the Company’s Board of Directors. The
Children’s Place urges shareholders to vote for the Company’s strong
slate of three independent director nominees and to reject the
candidates set forth by Macellum SPV II, L.P. (“Macellum”) and Barington
Companies Equity Partners, L.P. (“Barington”), which together own
approximately two percent of the Company’s shares.
The presentation filed today provides details on the value-enhancing
transformation currently underway at The Children’s Place, the Company’s
positive operating performance in an intensely competitive children’s
retail environment, and its record of delivering value to shareholders.
The stock price of The Children’s Place has increased over 110% since
CEO Jane Elfers joined the company five years ago, and is currently near
an eight year high. The presentation also clarifies the inaccurate and
misleading analysis provided by Macellum and Barington.
Norman Matthews, Chairman of the Board of Directors of The Children’s
Place, said: “Our Board and management team have made great progress in
transforming The Children’s Place over the last five years, which has
allowed us to maintain the number one market share in children’s
specialty apparel and position the Company for the future while also
re-purchasing $481 million of The Children’s Place common stock and
initiating our first ever dividend. We believe our current, highly
qualified Board of Directors has the right mix of expertise, experience
and independence, and we urge our shareholders to re-elect our nominees
so we can continue this strong progress.”
The Children’s Place urges all shareholders to vote the WHITE proxy
card for the re-election of our three highly qualified Director
nominees, and to reject the candidates set forth by Macellum and
Barington.
The investor presentation is available on the SEC's website and at the
following link under the heading “Featured Presentations”: http://phx.corporate-ir.net/phoenix.zhtml?c=120577&p=irol-irhome.
About The Children's Place, Inc.
The Children's Place is the largest pure-play children's specialty
apparel retailer in North America. The Company designs, contracts to
manufacture, sells and licenses to sell fashionable, high-quality
merchandise at value prices, primarily under the proprietary "The
Children's Place," "Place" and "Baby Place" brand names. As of January
31, 2015, the Company operated 1,097 stores in the United States, Canada
and Puerto Rico, an online store at www.childrensplace.com,
and had 72 international stores open and operated by its franchise
partners.
Forward Looking Statements
This document 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 and
performance to differ materially. Some of these risks and uncertainties
are described in the Company's filings with the Securities and Exchange
Commission, including in the “Risk Factors” section of its annual report
on Form 10-K for the fiscal year ended January 31, 2015. Included among
the risks and uncertainties that could cause actual results and
performance to differ materially are the risk that the Company will be
unsuccessful in gauging fashion trends and changing consumer
preferences, the risks resulting from the highly competitive nature of
the Company’s business and its dependence on consumer spending patterns,
which may be affected by the weakness in the economy that continues to
affect the Company’s target customer, the risk that the Company’s
strategic initiatives to increase sales and margin are delayed or do not
result in anticipated improvements, the risk that the cost of raw
materials or energy prices will increase beyond current expectations or
that the Company is unable to offset cost increases through value
engineering or price increases, and the uncertainty of weather patterns.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they were
made. 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.
Important Additional Information
The Company, its directors and certain of its executive officers may be
deemed to be participants in the solicitation of proxies from Company
shareholders in connection with the matters to be considered at the
Company’s 2015 Annual Meeting. The Company has filed a definitive proxy
statement and form of WHITE proxy card with the U.S. Securities and
Exchange Commission (the “SEC”) in connection with any such solicitation
of proxies from Company shareholders. COMPANY SHAREHOLDERS ARE
STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING WHITE PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION.
Information regarding the identity of potential participants, and their
direct or indirect interests, by security holdings or otherwise, is set
forth in the proxy statement and other materials filed by the Company
with the SEC. Shareholders will be able to obtain any proxy statement,
any amendments or supplements to the proxy statement and other documents
filed by the Company with the SEC for no charge at the SEC’s website at www.sec.gov.
Copies will also be available at no charge at the Company’s website at www.childrensplace.com,
by writing to The Children’s Place, Inc. at 500 Plaza Drive, Secaucus,
NJ 07094, or by calling the Company’s proxy solicitor, MacKenzie
Partners, toll-free at (800) 322-2885.
If you have any questions, please call MacKenzie Partners
at the
phone numbers listed below.
MacKenzie Partners, Inc.
105 Madison Ave.
New York, NY 10016
proxy@mackenziepartners.com
(212) 929-5500 (Call Collect)
Or
TOLL-FREE (800) 322-2885
Source: The Children's Place, Inc.
Investors:
The Children's Place, Inc.
Robert Vill,
201-453-6693
Group Vice President, Finance
or
Mackenzie
Partners
Larry Dennedy, 212-929-5239
or
Media:
Sard
Verbinnen & Co
Paul Caminiti/David Millar/Pamela Blum
212-687-8080
