July 29, 2008 / 10:44 PM / 9 years ago

UPDATE 1-Children's Place CFO Richard Paradise resigns

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SAN FRANCISCO, July 29 (Reuters) - Children’s Place Retail Stores Inc (PLCE.O) said on Tuesday that Chief Financial Officer Richard Paradise was resigning and would be replaced by Susan Riley, currently the company’s executive vice president of finance and administration.

The children’s apparel retailer said in a statement that Paradise was leaving effective Aug. 1 to pursue another business opportunity.

The company operates approximately 900 of its namesake stores. This spring, Children’s Place sold its Disney store chain back to Walt Disney Co (DIS.N).

Children’s Place has been weighing a possible sale of the company under pressure from its largest shareholder, board member and former Chief Executive Ezra Dabah, who owns a 17 percent stake in the company.

Dabah has said he might offer to buy the company for $24 a share.

    Shareholders have sued the company, claiming that Dabah’s offer was timed to take advantage of a temporarily depressed share price.

    In May, the company posted a greater-than-expected rise in quarterly net profit, helped by robust demand for its children’s clothing.

    Shares of Children’s Place closed at $39.06, up 3.4 percent, on the Nasdaq on Tuesday.

    Reporting by Alexandria Sage, editing by Phil Berlowitz

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