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Children's Place Names Michael Scarpa CFO; To Buy Back Up To $100 Mln Stock

Children's Place Retail Stores Inc. (PLCE) announced that it has appointed Michael Scarpa as its Executive Vice President and Chief Financial Officer, effective December 3, 2012. He will report to Jane Elfers, President and Chief Executive Officer. Steven Baginski, CFO, will be leaving the Company effective immediately to pursue other interests.

Scarpa, 56, has more than 30 years of financial and operational management experience. Most recently, he was Chief Operating Officer and Chief Financial Officer of The Talbots, Inc. with responsibility for Finance, Treasury, Planning and Allocation, Supply Chain, Information Technology and Corporate Strategy. Previously, Scarpa spent 25 years with Liz Claiborne, Inc. where he held positions of increasing responsibility, culminating in his appointment as Chief Operating Officer. He began his career in financial positions with Maidenform, Inc. and Krementz and Company.

In a separate press release, Children's Place Retail Stores announced that its board has approved an additional share repurchase program for up to $100 million of the Company's outstanding stock.

At the end of the third quarter of 2012, the company had approximately $21.6 million remaining of the $50 million share repurchase program which was authorized by the Board of Directors in March 2012.

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