The Children's Place Hires Elaine Eisenman as Senior Vice President, Human Resources & Administration.

Business Editors

SECAUCUS, N.J.--(BUSINESS WIRE)--Sept. 22, 2003

The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced that Dr. Elaine Eisenman, 53, is joining the Company in the position of Senior Vice President of Human Resources and Administration.

In this capacity, Dr. Eisenman will be responsible for overseeing the Company's Human Resource and administrative functions and will report directly to Ezra Dabah, Chairman and Chief Executive Officer. Dr. Eisenman is working at The Children's Place on a part time basis and will join the Company full time in January after completing her existing consulting commitments.

"Elaine is an excellent addition to our team," said Ezra Dabah, Chairman and Chief Executive Officer. "Our commitment to human resources is strong, and her wealth of experience will be invaluable as we continue to grow our business and develop our most important asset, our people."

Dr. Eisenman's career includes positions in Human Resource leadership, General Management and organizational consulting, where she has specialized in linking talent and performance to strategy as a basis for successful growth. She is currently the Chief Executive Officer of Return on Management, LLC, a Human Resources consulting firm, which was spun off from Management & Capital Partners, a venture capital, search and management consulting firm, where she was Chairman. Prior to Management & Capital Partners, Dr. Eisenman was Executive Vice President and Chief Administrative Officer of Enhance Financial Services Group, where she designed and implemented the Human Resources function and processes to support the company's growth strategy. Before Enhance Financial Services, Dr. Eisenman was Senior Vice President, Human Resources at the American Express Company (NYSE: AXP), where she assisted in the redesign of Human Resources and had global responsibility. She currently sits on the Board of Directors of UST Inc. (NYSE: UST). Dr. Eisenman has been a member of the Board of Governors of the Center for Creative Leadership, the Board of Directors of HRLogic, and was an original member of McKinsey & Company's task force on the "War for Talent." Dr. Eisenman holds a BS from Boston University, an MS from Columbia University and a PhD from New York University.

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 ten. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of August 30, 2003, the Company operated 682 stores, including 644 stores in the United States and 38 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.