Press release from GlobeNewswire (a Nasdaq OMX company)
The Children's Place to Expand Into Egypt and the C.I.S. Region
Wednesday, January 08, 2014
The Children's Place to Expand Into Egypt and the C.I.S. Region10:30 EST Wednesday, January 08, 2014
SECAUCUS, N.J., Jan. 8, 2014 (GLOBE NEWSWIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), the largest pure-play children's specialty apparel retailer in North America, today announced that it has expanded its existing franchise agreement with Fawaz A. AlHokair & Co. SJSC, known as "Fashion Retail", covering retail stores in Saudi Arabia, to include opening a total of approximately 25 stores in Egypt and the Commonwealth of Independent States (C.I.S. Region) of Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan, beginning in mid-2014.
Jane Elfers, President and Chief Executive Officer of The Children's Place, stated, "After the successful openings of more than 20 stores in Saudi Arabia with Fawaz A. AlHokair & Co. SJSC, we are excited to expand our international footprint with them in Egypt and the C.I.S. Region, where they have a proven track record of successfully launching and operating major international brands."
Commenting on the launch, Mr. Simon Marshall, Chief Executive Officer of Fawaz A. AlHokair & Co. SJSC, stated, "We were privileged to be the first franchise partner for The Children's Place, and we embrace the opportunity to further enhance and extend our already successful relationship, and to make The Children's Place brand available to additional consumers who appreciate high quality, trend-right fashion at great values."
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, primarily under the proprietary "The Children's Place," "Place" and "Baby Place" brand names. As of November 2, 2013, the Company operated 1,123 stores and an online store at www.childrensplace.com, and had 32 franchise-operated stores in Saudi Arabia and the United Arab Emirates.
About Fawaz A. AlHokair & Co. SJSC
Fawaz A. AlHokair & Co. SJSC is a leading, publicly-listed retail conglomerate headquartered in Saudi Arabia. The company partners with 65+ brands, in fourteen countries across 1,850+ stores. http://www.fawazalhokairfashion.com/
Forward Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company's positioning, and forecasts regarding store openings. 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 February 2, 2013. 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 continued weakness in the economy or by other factors such as increases in the cost of gasoline and food, 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.
CONTACT: The Children's Place: Jane Singer, Vice President, Investor Relations, (201) 453-6955 Fawaz A. AlHokair & Co. SJSC: Brendan Dorrian, Personal Envoy to the Chairman and Head of Business Development, +447778897111