SECAUCUS, N.J.--(BUSINESS WIRE)--Dec. 12, 2002--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced the election of Malcolm Elvey to the Company's Board of Directors.

Mr. Elvey will serve as Chairman of the audit committee and will also sit on the compensation committee. The appointment increases the size of the Company's Board to six.

Mr. Elvey, age 61, is currently a Managing Partner at Collaborative Capital I, a venture capital fund focused on early-stage technology companies. Prior to Collaborative Capital, he founded Esquire Communications, Ltd. in 1988, the nation's largest court reporting and legal services company. Before that Mr. Elvey spent two years with ADT Ltd., the largest provider of electronic security services in the United States, as both Chief Executive Officer and Board member. Mr. Elvey began his career at Metro Cash and Carry, a $7 billion publicly held South African warehouse club, which over the years has grown to 400 locations in 13 countries. Mr. Elvey serves on the Board of ALGOL, a publicly traded company based in Milan, Italy. Mr. Elvey qualified as a Chartered Accountant from University of the Witwatersrand and earned an MBA from the University of Cape Town, South Africa.

"We are delighted to welcome Malcolm Elvey to our Board of Directors and I look forward to working closely together," said Ezra Dabah, Chairman and Chief Executive Officer. "Malcolm's proven leadership skills and international experience make him an excellent resource as we implement our Company's future growth strategies."

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 November 30, 2002, the Company operated 645 stores, including 617 stores in the United States and 28 stores in Canada. 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.