SECAUCUS, N.J., Dec 5, 2007 (PrimeNewswire via COMTEX News Network) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), today announced that it has filed its delayed Annual Report on Form 10-K for fiscal year ended February 3, 2007 and its Quarterly Reports on Form 10-Qs for the second quarter ended July 29, 2006, the third quarter ended October 28, 2006, as well as the first quarter ended May 5, 2007, and second quarter ended August 4, 2007 with the Securities and Exchange Commission.

The submissions of the delayed filings bring the Company current in its periodic reporting obligations. Further, as expected, the Company noted that the factors causing the delays in the above filings were not a result of any material change to its previously reported results of operations. Separately, the Company expects to meet the SEC filing deadline for its Form 10-Q for the period ended November 3, 2007.

"We are extremely pleased to complete the filing of these delayed annual and quarterly reports with the SEC today," said Chuck Crovitz, Interim Chief Executive Officer of The Children's Place Retail Stores, Inc. "I appreciate the dedication and diligence of our team in accomplishing this critical goal. We will now be able to fully focus on the key operational initiatives required to improve our business performance and maximize the long-term potential of the Company."

The Company notified the Board of Directors of the NASDAQ Stock Market that it has filed all of its delinquent periodic reports necessary to regain compliance with Rule 4310(c)(14) in advance of its extended deadline of January 9, 2008.

In addition, as noted in the Company's January 31, 2007 press release regarding the announcement of the conclusion of the investigation into the Company's stock option granting practices, the Company has taken various remedial actions to improve its stock option granting practices. Among the actions taken is the issuance of amended options with higher exercise prices to remediate those options granted to non-executive directors shortly before the public disclosure of positive information. In addition, to bring all outstanding options held by directors and officers into compliance with requirements relating to discounted options and eliminate the possible application of the 20% excise tax under Section 409A of the Internal Revenue Code, the Company has also issued amended options to its directors and officers, to either increase the exercise price or to limit the exercise period of such amended options. Form 4s will be filed with the SEC in relation to these replacement options issued to the directors and executive officers.

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 November 3, 2007, the Company owned and operated 907 The Children's Place stores and 328 Disney Stores in North America and its online stores, 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 referenced above and other filings with the Securities and Exchange Commission , as well as the risks and uncertainties relating to the restatement of the Company's historical financial information, the Company's historical stock option granting practices and other historical practices identified as material weaknesses as described in the filings referenced above, the delays in filing the Company's periodic reports with the Securities and Exchange Commission, the delays in the scheduling of the Company's 2007 shareholder meeting, 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.

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: The Children's Place Retail Stores, Inc.

The Children's Place Retail Stores, Inc.
Investors:
Susan Riley, EVP, Finance & Administration
201-558-2400
Jane Singer, Investor Relations
201-453-6955

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Media:
Leigh Parrish
Caren Barbara
212-850-5600