SECAUCUS, N.J., July 1, 2013 (GLOBE NEWSWIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), the largest pure-play children's specialty apparel retailer in North America, today announced that it has signed a ten-year franchise agreement with Fox-Wizel Ltd. to open stores across Israel. The first stores are scheduled to open during the first quarter of fiscal 2014.
Jane Elfers, President and Chief Executive Officer of The Children's Place, stated, "International growth is one of our key initiatives and following our very successful launch in the Middle East in 2012, we are excited to be expanding into Israel next year. Israel is a well-developed retail market with a strong children's apparel business. We look forward to working with Fox-Wizel, which has a proven track record of operating successful apparel brands in Israel."
Commenting on the launch, Mr. Harel Wizel, Chief Executive Officer of Fox-Wizel, stated, "I'm proud that The Children's Place chose Fox-Wizel to be the franchisee of the brand in Israel. The Children's Place is the leading children's fashion brand in the US and I have no doubt that it will bring innovation and excitement to the children's fashion market in Israel."
About The Children's Place Retail Stores, Inc.
The Children's Place is the largest pure-play children's specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices, primarily under the proprietary "The Children's Place" brand name. The Children's Place offers trend-right apparel for children from newborn to 10 years of age, and a full line of accessories and footwear. The brand is recognized for fashion, outfitting and value, as well as a convenient shopping environment where busy moms can quickly and easily put together head-to-toe outfits that look great and are affordable.
As of May 4, 2013, the Company operated 1,111 stores in North America and an online store at www.childrensplace.com. The Company began expanding internationally in 2012 and had 20 franchise stores open in the Middle East by May 4, 2013.
About Fox-Wizel Ltd.
Fox-Wizel Ltd. is an Israeli public company, traded on the Tel Aviv Stock Exchange. Fox-Wizel owns and operates a fashion chain store selling its own brand, is a partner in other leading Israeli retail brands, and also operates two international franchise brands in Israel, known together as "The FOX Group". The FOX Group operates over 300 chain stores across the country and has over 3,700 employees.
Forward Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company's positioning. 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 February 2, 2013. 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. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
CONTACT: Contact for The Children's Place: Jane Singer, Vice President, Investor Relations, (201) 453-6955 Contact for Fox-Wizel Ltd: Einat Portugali, EVP Marketing & Advertising, +972-3-9050127Source:The Children's Place Retail Stores, Inc.