Apr 27, 2009
No deal with Golden Gate to buy Children's Place
Apr 27, 2009
April 24 (Reuters) - Ezra Dabah, board member and former chief executive of Children's Place Retail Stores Inc (PLCE.O), said there was no current deal in place with Golden Gate related to a potential acquisition of the apparel retailer.
Boy's fashion at Children's Place (www.childrensplace.com)
In a filing with the U.S. Securities and Exchange Commission, Dabah, who holds a 17 percent stake in Children's Place, added that he was considering a possible proxy solicitation to elect directors to the company's board.
Dabah also said he would continue urging the board to "promptly replace" the company's interim chief executive officer with a permanent CEO and change certain senior management.
Children's Place has been weighing a possible sale of the company for almost a year under pressure from Dabah.
Dabah and Golden Gate entered into non-binding understanding on mutual participation in potential acquisition of Children's Place in May 2008.
The retailer, which competes The Gymboree Corp (GYMB.O) and J.C. Penney Co (JCP.N), operates about 900 stores across the United States.
Shares of Secaucus, New Jersey-based Children's Place were trading up about 3 percent at $28.70 Friday afternoon on Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Himani Sarkar)
© Thomson Reuters 2023 All rights reserved.