Former CEO of Children's Place nominates three for election to board

By Lisa Kerner

Charlotte, N.C., May 15 - Former Children's Place Retail Stores, Inc. chief executive officer Ezra Dabah nominated three people for election to the company's board of directors at the annual meeting on June 26.

Dabah nominated:

• Raphael Benaroya, chairman of the board of directors of Russ Berrie & Co., Inc.;

• Jeremy J. Fingerman, founder and managing principal of Clairmont Ventures; and

• Ross B. Glickman, chairman of the board of directors and CEO of Urban Retail Properties, LLC.

"As the largest stockholder of the Children's Place, I have become increasingly concerned about the ability of the incumbent board and executive management team to sustain future growth and increase stockholder value," Dabah said in a press release.

The nominees, if elected, are expected to facilitate the appointment of a permanent CEO, attract key talent and establish a clear vision for the company's future, Dabah said.

Dabah filed a preliminary proxy statement on schedule 14A with the SEC on Friday in connection with the solicitation of proxies for the company's 2009 annual meeting.

On Tuesday, Dabah sent a letter to the Children's Place board regarding the board's recent decision to exclude Dabah from the spring 2010 merchandise line review.

In the past, Dabah has reviewed and made suggestions on the upcoming seasonal line, helping the company earn its reputation as a fashionable merchandiser, the letter said.

The letter was included in a schedule 13D/A filed on Friday with the SEC.

"Excluding me from the upcoming line review is yet another example of this board's history of making shortsighted decisions that I believe will ultimately jeopardize its ability to sustain this company's growth and maximize long-term stockholder value," Dabah said.

Dabah is a member of Children's Place board and beneficially owns approximately 16.9% of the Secaucus, N.J., specialty retailer's outstanding common stock.

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