The Children's Place to Open Retail Stores in South East Asia
June 19 2017 - 4:01PM
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: Robert Vill, Group Vice President, Finance, (201) 453-6693
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