SECAUCUS, N.J., May 22, 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 entered into a franchise agreement with Grupo David, a leading retail corporation headquartered in Panama, to expand its brand to Latin America and the Caribbean with the potential to open 35 to 40 stores over the next few years beginning in the fall of 2014.
Jane Elfers, President and Chief Executive Officer of The Children's Place, stated, "We are thrilled to be partnering with Grupo David as we enter these important markets. We are making significant strides in our International franchise business, and we remain focused on providing great fashion and value for kids around the world."
Commenting on the new partnership, Andrea Santos, Chief Executive Officer at Grupo David Enterprises stated: "We are honored to represent The Children's Place in our territories. We believe consumers will appreciate the quality, fashion, and great value the Brand offers."
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, sells and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary "The Children's Place," "Place" and "Baby Place" brand names. As of May 3, 2014, the Company operated 1,106 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 48 International stores open and operated by its franchise partners.
About Grupo David Enterprises
Grupo David Enterprises is a leading retail corporation headquartered in Panama, representing some of the best international brands across Latin America and the Caribbean. The company partners with 20+ brands, in twenty two countries across 200+ stores: www.grupodavid.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 and adjusted net income per diluted share. 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 1, 2014. 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.