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8-K - Childrens Place, Inc. | v182263_8k.htm |
Exhibit 99.1
FOR IMMEDIATE
RELEASE
THE
CHILDREN’S PLACE ANNOUNCES EXECUTIVE APPOINTMENTS
Secaucus, New Jersey – April 26, 2010
– The Children’s Place Retail Stores, Inc. (Nasdaq: PLCE) today announced
the appointment of Natalie Levy as Senior Vice President, Merchandising; Barrie
Scardina as Senior Vice President, Planning and Allocation; Dina Sweeney as
Senior Vice President, Outlets; and Larry McClure as Senior Vice President,
Human Resources. The four executives will report directly to Jane Elfers,
President and Chief Executive Officer.
Ms.
Elfers commented, “In March we announced that the Company is focused on five key
initiatives that we expect will drive sales and profit for 2010 and beyond. Two
of these initiatives – strengthening the merchandise and optimizing inventory
management – are critical to our success. I am delighted that Natalie and Barrie
will be joining The Children’s Place to lead these efforts. They are both highly
experienced and talented retail executives with proven track
records.
“In
addition, we have a tremendous opportunity to improve our outlet experience and
we are very fortunate to have someone of Dina Sweeney’s caliber to step up and
lead this initiative,” Elfers continued. “Our new head of Human Resources, Larry
McClure, has been a great addition to the team. He is focusing on setting the
strategy and direction for the Company’s human resources operations. I look
forward to working with each of these executives and the entire senior
leadership team to implement our strategies and capitalize on the Company’s
strong positioning in the marketplace.”
Natalie
Levy will join the Company on May 3, 2010. Most recently, Ms. Levy held the
position of Senior Vice President, General Merchandise Manager for Ann Taylor.
Prior to that, Ms. Levy spent seven years with Lord & Taylor in positions of
increasing responsibility culminating in her appointment as Senior Vice
President, General Merchandise Manager for Proprietary brands where she had
overall responsibility for merchandising, design and sourcing for the women’s
sportswear, accessories, men’s and children’s departments. Earlier in her
career, she held merchandising positions with Caldor, Mervyn’s and
Macy’s.
Barrie
Scardina will join the Company on May 10, 2010. Ms. Scardina previously held the
position of Vice President of Retail Operations at Liz Claiborne. In that role,
she had responsibility for planning and allocation, supply chain, retail
marketing and store operations for Partnered Brands. Prior to Liz Claiborne, she
held the position of Vice President, Planning, Distribution and Business
Development at Polo Ralph Lauren. Earlier in her career she held positions with
Gucci and Footstar.
Dina
Sweeney, previously Senior Vice President, Merchandising and a 26-year veteran
of The Children’s Place, will take on the newly created position of Senior Vice
President, Outlets. She will be responsible for developing and executing a new
merchandising strategy to drive sales and profits for the Company’s 129 outlet
stores. Ms. Sweeney joined The Children’s Place in 1984 and, after holding
positions of increasing responsibility in merchandising, she led the Company’s
successful expansion into Canada in 2003. Ms. Sweeney also took over
responsibility for the Company’s rapidly-growing e-commerce business in
2006.
Larry
McClure joined the Company on March 8, 2010. Mr. McClure previously served as
Senior Vice President of Human Resources at Liz Claiborne where he helped
establish a global human resources presence within a diverse set of brands.
Prior to that, he held senior human resources leadership roles with The Dexter
Corporation, Aetna and United Technologies.
About
The Children’s Place Retail Stores, Inc.
The
Children’s Place is the largest pure-play children’s specialty apparel retailer
in North America. The Company designs, contracts to manufacture and sells
fashionable, high-quality merchandise at value-prices under the proprietary “The
Children's Place” brand name. As of January 30, 2010, the Company owned and
operated 947 The Children’s Place stores and an online store at www.childrensplace.com.
Forward-Looking
Statements
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. 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 30, 2010.
Included among the risks and uncertainties that could cause actual results,
events and performance to differ materially are the risk that the Company will
be unsuccessful in gauging fashion trends and changing consumer preferences, and
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
downturn in the economy. 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.
CONTACT:
The Children’s Place Retail Stores, Inc.
Jane Singer, Vice President, Investor Relations, (201)
453-6955
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