Goldman resigns from Children's Place board

SECAUCUS, N.J. The Children's Place Retail Stores today announced that James Goldman has resigned from the company's board of directors, effective immediately, due to increased time commitments associated with his position as worldwide president of Godiva Chocolatier.

With Goldman's resignation, the Children's Place board is down to six directors, three of whom are independent. As a result, the company acknowledges that it will no longer have the majority of independent directors generally required in accordance with Nasdaq's listing standards. Under Nasdaq rules, the Company has a 180 day grace period to regain compliance with this requirement. The board has a director search underway and expects to name an independent director to replace Goldman as soon as practicable.

"On behalf of the company and its shareholders, I would like to thank Jim for his many contributions to the Board of Directors,'' stated Sally Frame Kasaks, acting chair of the board of directors of The Children's Place Retail Stores. "We appreciate the insight he has brought to the business and wish him continued success in his business endeavors."