Ezra Dabah, The Children's Place's Largest Stockholder and Former Chairman and CEO, Files Preliminary Proxy Materials to Elect Three Nominees to The Children's Place Board of Directors

NEW YORK, May 15 /PRNewswire/ -- Ezra Dabah today announced that he has filed with the Securities and Exchange Commission preliminary proxy materials in connection with his nomination of three independent, highly-qualified and experienced individuals for election to the Board of Directors of The Children's Place Retail Stores, Inc. (NASDAQ: PLCE) at the Company's 2009 Annual Meeting of Stockholders. Mr. Dabah's nominees are Raphael Benaroya, Jeremy J. Fingerman and Ross B. Glickman. The Company's Annual Meeting is scheduled to be held on June 26, 2009 and stockholders of record as of May 1, 2009 are entitled to vote at the Annual Meeting.

"As the largest stockholder of The Children's Place, I have become increasingly concerned about the ability of the incumbent Board and executive management team to sustain future growth and increase stockholder value," said Mr. Dabah. "Raphael Benaroya, Jeremy Fingerman and Ross Glickman are highly-qualified and proven executives with extensive experience in key areas of The Children's Place's business, including specialty apparel retailing, mass consumer marketing and real estate. Marketing and real estate expertise are key competencies for specialty retailers and the current Board of Directors lacks experience in both these disciplines."

Mr. Dabah continued, "If elected to the Board of The Children's Place, I believe our nominees will facilitate the appointment of a permanent CEO to replace the Company's Interim CEO, who has held the position for 19 months, retain and attract key talent, establish a clear vision for the Company's future and position the Company for continued growth. Our three new directors will enhance the composition of The Children's Place Board and bring insight, accountability and fresh and relevant perspectives to help achieve maximum value for all stockholders."

Mr. Dabah is the former Chairman of the Board and Chief Executive Officer of The Children's Place. He currently serves as a member of the Company's Board of Directors and is the Company's largest stockholder, with beneficial ownership of approximately 16.9% of the Company's outstanding common stock as of May 1, 2009.

Mr. Dabah has retained Moelis & Company as his financial advisor and Cadwalader, Wickersham & Taft LLP is serving as his legal counsel.

Biographies of Ezra Dabah's Nominees:

Raphael Benaroya

Mr. Benaroya is currently the Chairman of the Board of Directors of Russ Berrie & Company, Inc., a New York Stock Exchange listed company specializing in the design, import, marketing, and distribution of infant and juvenile consumer products, and was formerly, until February 2009, Chairman of the Board of Directors of FAO Schwarz, Inc., a specialty toy retailer. Since April 1, 2008, Mr. Benaroya has also been acting as a consultant for D. E. Shaw & Co., L.P., a global investment and technology development firm. Mr. Benaroya is also Managing Director of American Licensing Group, L.P., a company specializing in consumer goods' brand name licensing, and a member of the Board of Managers of Biltmore Capital Group, LLC, a financial company which invests in secured debt. Mr. Benaroya previously served as Chairman of the Board, President and Chief Executive Officer of United Retail Group, Inc., which operates a chain of approximately 500 retail specialty stores, from 1989 until its sale in October 2007 to Redcats USA, a division of PPR, a French public company, and continued as President and Chief Executive Officer thereafter until March 2008. Mr. Benaroya also formerly held Chief Executive Officer positions at certain divisions of The Limited, Inc., from 1984 until 1989. From 1972 to 1982, Mr. Benaroya was with General Mills Inc., ultimately becoming Executive Vice President of the Izod Lacoste Division. Mr. Benaroya is a graduate of the University of Minnesota, where he earned an MBA in the School of Business and a BSc Degree (with Distinction) in Computer Science.

Jeremy J. Fingerman

Mr. Fingerman is founder and Managing Principal of Clairmont Ventures, a strategic consulting and investment advisory firm focused on transforming brands and businesses. Mr. Fingerman served as Chief Executive Officer and President of RAB Food Group, LLC, from May 2005 to September 2007. Prior to joining RAB, Mr. Fingerman served as President of the U.S. Soup Division of Campbell Soup Company from 2002 to 2004. Mr. Fingerman joined the Campbell Soup Company in 1993. During his tenure with the Campbell Soup Company, Mr. Fingerman served as General Manager of Campbell's Soups Australasia and Vice-President, Brand Management, of Arnott's-Campbell's Australasia before ultimately rising to the position of President of the U.S. Soup Division. Prior to joining the Campbell Soup Company, Mr. Fingerman was Marketing Manager for the Bisquick and Specialty Products Division of General Mills, Inc. from 1992 to 1993, and Marketing manager of the Child Cereals division of General Mills from 1990 to 1992. Mr. Fingerman joined General Mills in 1988. Mr. Fingerman earned an MBA in General Management from Harvard Business School and an undergraduate degree in English Literature from Columbia University.

Ross B. Glickman

Mr. Glickman is currently the Chairman of the Board of Directors and Chief Executive Officer of Urban Retail Properties, LLC, a development, leasing and management real estate company, specializing in retail shopping centers, a position he has held since April 2002. Mr. Glickman joined Urban Retail in 1991. Mr. Glickman also served as a director of United Retail Group Inc. from 2006 to 2007. Prior to joining Urban Retail in 1991, he was President of Glickman Properties, a shopping center development firm. From 1984 to 1989, Mr. Glickman was Director of Real Estate for The Limited, Inc., where he was responsible for expanding the company's divisions, including the Limited Stores, Limited Express, Victoria's Secret, Lane Bryant, Lerner, and Sizes Unlimited. From 1979 to 1984, Mr. Glickman was Director of Real Estate for General Nutrition Center (Pittsburgh), where he expanded the company from 500 to 1,500 company-owned stores nationwide in only four years. From 1973 to 1979, Mr. Glickman was a Vice President of The Athlete's Foot, where he grew the Pittsburgh division of the specialty retail athletic footwear chain from one store to 400. Mr. Glickman holds a Bachelor of Arts degree from The Ohio State University.

Mr. Dabah will be sending stockholders GOLD proxy cards which should be returned to vote FOR his three director nominees. To vote FOR these nominees, stockholders should sign, date and return the GOLD proxy card as soon as it is received. Innisfree M&A Inc. is acting as Mr. Dabah's proxy solicitor and can be reached toll-free at (877) 456-3442 or collect at (212) 750-5833.

IMPORTANT INFORMATION

Ezra Dabah filed a preliminary proxy statement on Schedule 14A with the SEC on May 15, 2009 in connection with the solicitation of proxies for the 2009 annual meeting of stockholders of The Children's Place Retail Stores, Inc. Mr. Dabah expects to file a definitive proxy statement on Schedule 14A with the SEC in connection with the solicitation of proxies for the 2009 annual meeting and may file other additional proxy solicitation material in connection therewith from time to time. SHAREHOLDERS OF THE CHILDREN'S PLACE ARE URGED TO CAREFULLY READ THE PRELIMINARY PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The preliminary proxy statement and other documents relating to the solicitation of proxies by Mr. Dabah will be available at no charge on the SEC's website at http://www.sec.gov. In addition, Mr. Dabah will provide copies of the proxy statement and other relevant documents without charge upon request. Request for copies should be directed to our proxy solicitor, Innisfree M&A Incorporated, at 1-888-750-5834.

Ezra Dabah, Renee Dabah, Raphael Benaroya, Jeremy Fingerman, Ross Glickman and Manny Pearlman may be deemed to be participants in the solicitation of proxies with respect to Mr. Dabah's nominees. Information about Ezra Dabah and the participants is available in the preliminary proxy statement filed by Ezra Dabah with the SEC on May 15, 2009 in connection with the solicitation of proxies for the 2009 annual meeting of The Children's Place shareholders. Information about the participants' direct or indirect interests in the matters to be considered at the 2009 annual meeting of stockholders of The Children's Place is also contained in the preliminary proxy statement.

    Contacts:

    Matthew Sherman / Jamie Moser
    Joele Frank, Wilkinson Brimmer Katcher
    (212) 355-4449