SECAUCUS, N.J., June 19, 2017 (GLOBE NEWSWIRE) — The Children’s Place, Inc. (Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that it has entered into a development agreement with Gill Capital covering Indonesia, Singapore, Thailand and The Philippines. The first retail stores are to open in Indonesia, with the plan to open 25 locations in Indonesia, followed by openings in the other countries in the development area.
Jane Elfers, President and Chief Executive Officer of The Children’s Place, stated, “We are excited to be partnering with Gill Capital. They have a proven track record of operating successful brands in South East Asia. We are making significant strides in our International franchise business, and we remain focused on providing great fashion and value for children around the world.”
Commenting on the partnership with The Children’s Place, Mr. J.S. Gill, Chairman of Gill Capital, stated, “We are excited to launch our partnership with The Children’s Place. We believe in the unique quality, fashion and value of the Brand, and we are confident that it will be a tremendous success with our customers.”
About The Children’s Place, 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 at retail and wholesale, 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 April 29, 2017, the Company operated 1,033 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 156 international points of distribution open and operated by its 6 franchise partners in 18 countries.
About Gill Capital
Gill Capital is a Singapore-based company with operations in Singapore, Thailand and Indonesia under various concepts in fashion, children’s specialty, confectionary, and food & beverage.
Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations. Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. 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 January 28, 2017. 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 weakness in the economy which continue to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or politically unstable countries, 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.
CONTACT: Contact: Robert Vill, Group Vice President, Finance, (201) 453-6693