Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
report (Date of earliest event reported):
May
20,
2008
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THE
CHILDREN’S PLACE RETAIL STORES,
INC.
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(Exact
Name of Registrants as Specified in Their
Charters)
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Delaware
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(State
or Other Jurisdiction of
Incorporation)
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0-23071
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31-1241495
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(Commission
File Number)
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(IRS
Employer Identification
No.)
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915
Secaucus Road, Secaucus, New
Jersey
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07094
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(Address
of Principal Executive
Offices)
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(Zip
Code)
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(201)
558-2400
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(Registrant’s
Telephone Number, Including Area
Code)
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Not
Applicable
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(Former
Name or Former Address, if Changed Since
Last Report)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition
On
May
22, 2008, The Children’s Place Retail Stores, Inc. (the “Company”) issued a
press release containing its fiscal 2008 first quarter financial
results.
A
copy of
the press release relating to the foregoing is attached hereto as Exhibit 99.1
and is incorporated in this Item 2.02 by reference.
Item
5.02 Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
(b)
See
Item
5.02(e) below.
(e)
In
connection with the Company’s previously disclosed exit from the Disney Store
business, the Company notified Ms. Poseley of its intention to terminate her
employment as President, Disney Store North America, effective May 27, 2008
(the
“Separation Date”).
Pursuant
to Ms. Poseley’s Employment Agreement, dated July 28, 2006, as amended (the
“Employment Agreement”), prior to receiving any separation benefits under the
Employment Agreement, Ms. Poseley was required to execute an agreement and
general release with the Company. On May 20, 2008, the Company and Ms. Poseley
entered into such an agreement and general release (the “Separation Agreement”),
pursuant to which Ms. Poseley agreed to release the Company from any claims
or
liabilities arising out of her employment.
Accordingly,
Ms. Poseley is now entitled to receive a payment equal to $967,500, less legally
required payroll deductions, payable in 39 monthly installments. Ms. Poseley
also will receive a bonus in the amount of $322,500, less legally required
payroll deductions, payable on the date the Company makes the bonus payment
to
other eligible named executive officers. Ms. Poseley also will receive all
wages
and payments for paid time off that she had accrued prior to the Separation
Date.
Pursuant
to the terms of the Employment Agreement, Ms. Poseley remains subject to certain
confidentiality, non-disparagement, non-solicitation, and non-interference
covenants until the first anniversary of the Separation Date.
The
foregoing summary is qualified in its entirety by the full text of the
Separation Agreement, dated May 20, 2008, which is attached to hereto as Exhibit
10.1 and incorporated in this Item 5.02 by reference, and of the Employment
Agreement, a copy of which was filed on December 5, 2007, by the Company as
Exhibit 10.5 to its Quarterly Report on Form 10-Q for the period ended July
29,
2006, and amendments to the Employment Agreement , copies of which were filed
on
April 2, 2008, by the Company as Exhibits 10.52 and 10.53 to its Annual Report
on Form 10-K for the period ended February 2, 2008.
Item
9.01 Financial
Statement and Exhibits.
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Exhibit
10.1 |
Agreement
and General Release, dated May 20, 2008, between the Company and
Tara
Poseley.
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Exhibit
99.1 |
Press
release, dated May 22, 2008, issued by the Company regarding fiscal
2008
first quarter financial results.
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Date:
May 22,
2008 |
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THE
CHILDREN’S
PLACE RETAIL STORES, INC. |
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By: |
/s/ Susan
Riley |
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Name: |
Susan Riley |
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Title: |
Executive
Vice President, Finance and
Administration |
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