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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      DC 20549</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): January 27, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>THE
      CHILDREN&#8217;S PLACE RETAIL STORES, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
            </td>
            <td width="5%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td valign="top" width="30%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-23071</font></div>
            </td>
            <td valign="top" width="5%" style="border-bottom: #ffffff solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31-1241495</font></div>
            </td>
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                or other jurisdiction of </font></div>
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            <td width="5%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                </font></div>
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                Number)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer </font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font>&#160;</div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">915
                  Secaucus Road, Secaucus, New
                  Jersey</font></div>
              </td>
              <td align="left" valign="top" width="5%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">07094</font></div>
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              <td align="left" valign="top" width="35%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Address
                  of principal executive
                  offices)</font>&#160;</div>
              </td>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="20%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Zip
                  Code)</font></div>
              </td>
              <td width="20%">&#160;</td>
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(201)
      558-2400</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
      Telephone Number</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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): </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>

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    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17
                CFR 240.14d-2(b))</font></font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17
                CFR 240.13e-4(c))</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      Into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Acceleration
      of Vesting of Options.</u></em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      and as
      of January 27, 2006, the Compensation Committee (the &#8220;Committee&#8221;) of the Board
      of Directors (the &#8220;Board&#8221;) of The Children&#8217;s Place Retail Stores, Inc. (the
&#8220;Company&#8221;), after discussion with the Board, approved the acceleration of
      vesting for outstanding in- and out-of-the-money stock options held by the
      Company&#8217;s employees representing the right to purchase a total of approximately
      2.1 million shares of the Company&#8217;s common stock (the &#8220;Accelerated Options&#8221;).
      The vesting of stock options for a total of 348,000 shares previously granted
      to
      non-employee directors and certain executives of the Company was not changed
      by
      this action.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with this acceleration of vesting, the Committee also established
      restrictions on the sale or other transfer of shares that may be acquired upon
      the exercise of Accelerated Options by each holder of Accelerated Options whose
      Accelerated Options represent the right to purchase more than 5,000 shares
      of
      common stock (each, a &#8220;Significant Holder&#8221;). Significant Holders will be
      permitted to exercise Accelerated Options prior to the time such Accelerated
      Options would have been vested under their original vesting schedule, subject
      to
      the Significant Holder&#8217;s acceptance of the transfer restrictions established by
      the Committee, which are contained in a transfer restriction agreement provided
      to each Significant Holder. Such transfer restrictions prevent Significant
      Holders from selling or transferring any shares acquired upon the exercise
      of
      Accelerated Options until the date on which the Accelerated Options would have
      otherwise vested under their original vesting schedule. Such transfer
      restrictions lapse immediately upon the Significant Holder&#8217;s death, disability
      or retirement, or a change in control of the Company. In the event a Significant
      Holder ceases to be employed by the Company for any reason other than death,
      disability or retirement from the Company, such transfer restrictions will
      continue to apply for the remainder of the original vesting period as if the
      Significant Holder&#8217;s employment with the Company had not ceased or terminated.
      Transfer restrictions will not apply after the original vesting date for such
      Accelerated Options with respect to any shares acquired upon the exercise of
      Accelerated Options, whether or not the Significant Holder executed the transfer
      restriction agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      described above, all other terms and conditions of each Accelerated Option
      and
      the Company&#8217;s equity compensation plans remain unchanged.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      decision to accelerate the vesting of certain stock options was made to reduce
      equity compensation expense that would have been recorded in future periods
      following the Company&#8217;s adoption in the first quarter of fiscal 2006 of
      Statement of Financial Accounting Standard No. 123, &#8220;Share Based Payment
      (revised 2004)&#8221; (&#8220;SFAS 123R&#8221;). Under accounting guidance effective during fiscal
      2005 (Accounting Principles Board Opinion 25 and other relevant accounting
      guidance), the Company will record an expense in the fourth quarter of fiscal
      2005 of approximately $2.1 million, which represents the Company&#8217;s estimate of
      intrinsic value that would have been forfeited had the acceleration not
      occurred. The future SFAS 123R expense that is eliminated as a result of the
      acceleration of the vesting of these options is estimated at approximately
      $20.9
      million, approximately $6.9 million of which is estimated would have been
      recognized in fiscal 2006. Under SFAS 123R, the Company will reflect the $20.9
      million of eliminated expense in its pro forma disclosure to be contained in
      the
      Company&#8217;s Annual Report on Form 10-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>Grant
      of Performance Awards</u></em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 30, 2006, the Committee granted performance stock awards (&#8220;Performance
      Awards&#8221;) to be paid in the form of shares of common stock (&#8220;Performance Shares&#8221;)
      under the Company&#8217;s 2005 Equity Incentive Plan to certain executive officers and
      other key employees (each, a &#8220;Participant&#8221;). The issuance of Performance Shares
      under each Performance Award will be contingent upon, among other things,
      meeting certain consolidated earnings per share and cumulative earnings targets
      designated by the Committee for the Company&#8217;s 2005, 2006 and 2007 fiscal years
      (the &#8220;Performance Period&#8221;). If these targets are met or exceeded during the
      Performance Period, the Participants may be entitled to receive from 0% to
      200%
      of such Participant&#8217;s target number of Performance Shares. Pursuant to the
      Performance Awards, the Participants may earn up to a maximum aggregate of
      approximately 1,200,000 Performance Shares at 200% (approximately 600,000
      Performance Shares at 100%). The Participants receiving such Performance Awards
      included the Company&#8217;s Chief Executive Officer and certain other members of
      senior management.</font></div>
    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      after
      the end of the Performance Period, the Committee determines that the requisite
      performance targets have been achieved or exceeded, 50% of the earned
      Performance Shares will be delivered to Participants promptly following the
      date
      of such determination. The remaining 50% of the earned Performance Shares will
      be delivered one year later, provided that the Participant remains employed
      by
      the Company, other than due to the Participant&#8217;s death or disability.
      Participants will be entitled to receive a pro rated portion of the Performance
      Shares in the event of death or disability, or if a change in control of the
      Company occurs, during the Performance Period. Prior to the delivery of any
      Performance Shares, no Participant will be deemed to have any ownership or
      shareholder rights (including without limitation dividend and voting rights)
      with respect to such shares, nor may the Participant sell or otherwise transfer
      any of the Performance Shares. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      grant of a Performance Award by the Committee is subject to the terms and
      conditions of the 2005 Equity Incentive Plan and a performance award agreement
      to be entered into between each Participant and the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assuming
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      compensation expense that will be required to be recognized for the Performance
      Awards will approximate $27.8 million over the requisite service period, $11.0
      million of which is estimated to be recognized in fiscal 2006.</font></div>
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        report contains forward-looking statements within the meaning of federal
        securities laws, which are intended to be covered by the safe harbors created
        thereby. These statements include, but may not be limited to, statements
        regarding the Company&#8217;s anticipated future compensation expenses and
        compensation expenses avoided. These forward-looking statements are based
        upon
        the Company&#8217;s current expectations and assumptions and are subject to various
        risks and uncertainties that could cause actual results to differ materially
        from those contemplated in such forward looking
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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            <tr>
              <td align="left" valign="top" width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt"><font size="2">(c)</font>&#160;&#160;</div>
              </td>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="83%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="83%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="10%"><u><font size="2">Exhibit
                No.</font></u></td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="83%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="10%"><font size="2">None.</font></td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="83%">&#160;</td>
            </tr>

        </table>
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">&#160;</div>
        <div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">The
                Children&#8217;s
                Place Retail Stores, Inc. </font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Hiten
                Patel </font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:
                Hiten Patel </font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Title:
                Senior Vice President, Chief Financial Officer</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font size="2">Dated: February 1, 2006</font></td>
              <td>&#160;</td>
            </tr>

        </table>
      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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{"company-data": {"conformed-name": "CHILDRENS PLACE RETAIL STORES INC", "cik": "0001041859", "assigned-sic": "5651", "irs-number": "311241495", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23071", "film-number": "06570150"}, "business-address": {"street1": "915 SECAUCUS RD", "city": "SECAUCUS", "state": "NJ", "zip": "07094", "phone": "2015582400"}, "mail-address": {"street1": "915 SECAUCUS RD", "city": "SECAUCUS", "state": "NJ", "zip": "07094"}}
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): January 27, 2006
THE
      CHILDREN'S PLACE RETAIL STORES, INC.
(Exact
      name of registrant as specified in its charter)
Delaware
0-23071
31-1241495
(State
                or other jurisdiction of
incorporation)
(Commission
File
                Number)
(IRS
                Employer
Identification
                No.)
915
                  Secaucus Road, Secaucus, New
                  Jersey
07094
(Address
                  of principal executive
                  offices)
(Zip
                  Code)
(201)
      558-2400
Registrant's
      Telephone Number
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
      1.01.
Entry
      Into a Material Definitive Agreement.
Acceleration
      of Vesting of Options.
On
      and as
      of January 27, 2006, the Compensation Committee (the "Committee") of the Board
      of Directors (the "Board") of The Children's Place Retail Stores, Inc. (the
"Company"), after discussion with the Board, approved the acceleration of
      vesting for outstanding in- and out-of-the-money stock options held by the
      Company's employees representing the right to purchase a total of approximately
      2.1 million shares of the Company's common stock (the "Accelerated Options").
      The vesting of stock options for a total of 348,000 shares previously granted
      to
      non-employee directors and certain executives of the Company was not changed
      by
      this action.
In
      connection with this acceleration of vesting, the Committee also established
      restrictions on the sale or other transfer of shares that may be acquired upon
      the exercise of Accelerated Options by each holder of Accelerated Options whose
      Accelerated Options represent the right to purchase more than 5,000 shares
      of
      common stock (each, a "Significant Holder"). Significant Holders will be
      permitted to exercise Accelerated Options prior to the time such Accelerated
      Options would have been vested under their original vesting schedule, subject
      to
      the Significant Holder's acceptance of the transfer restrictions established by
      the Committee, which are contained in a transfer restriction agreement provided
      to each Significant Holder. Such transfer restrictions prevent Significant
      Holders from selling or transferring any shares acquired upon the exercise
      of
      Accelerated Options until the date on which the Accelerated Options would have
      otherwise vested under their original vesting schedule. Such transfer
      restrictions lapse immediately upon the Significant Holder's death, disability
      or retirement, or a change in control of the Company. In the event a Significant
      Holder ceases to be employed by the Company for any reason other than death,
      disability or retirement from the Company, such transfer restrictions will
      continue to apply for the remainder of the original vesting period as if the
      Significant Holder's employment with the Company had not ceased or terminated.
      Transfer restrictions will not apply after the original vesting date for such
      Accelerated Options with respect to any shares acquired upon the exercise of
      Accelerated Options, whether or not the Significant Holder executed the transfer
      restriction agreement.
Except
      as
      described above, all other terms and conditions of each Accelerated Option
      and
      the Company's equity compensation plans remain unchanged.
The
      decision to accelerate the vesting of certain stock options was made to reduce
      equity compensation expense that would have been recorded in future periods
      following the Company's adoption in the first quarter of fiscal 2006 of
      Statement of Financial Accounting Standard No. 123, "Share Based Payment
      (revised 2004)" ("SFAS 123R"). Under accounting guidance effective during fiscal
      2005 (Accounting Principles Board Opinion 25 and other relevant accounting
      guidance), the Company will record an expense in the fourth quarter of fiscal
      2005 of approximately $2.1 million, which represents the Company's estimate of
      intrinsic value that would have been forfeited had the acceleration not
      occurred. The future SFAS 123R expense that is eliminated as a result of the
      acceleration of the vesting of these options is estimated at approximately
      $20.9
      million, approximately $6.9 million of which is estimated would have been
      recognized in fiscal 2006. Under SFAS 123R, the Company will reflect the $20.9
      million of eliminated expense in its pro forma disclosure to be contained in
      the
      Company's Annual Report on Form 10-K.
Grant
      of Performance Awards
On
      January 30, 2006, the Committee granted performance stock awards ("Performance
      Awards") to be paid in the form of shares of common stock ("Performance Shares")
      under the Company's 2005 Equity Incentive Plan to certain executive officers and
      other key employees (each, a "Participant"). The issuance of Performance Shares
      under each Performance Award will be contingent upon, among other things,
      meeting certain consolidated earnings per share and cumulative earnings targets
      designated by the Committee for the Company's 2005, 2006 and 2007 fiscal years
      (the "Performance Period"). If these targets are met or exceeded during the
      Performance Period, the Participants may be entitled to receive from 0% to
      200%
      of such Participant's target number of Performance Shares. Pursuant to the
      Performance Awards, the Participants may earn up to a maximum aggregate of
      approximately 1,200,000 Performance Shares at 200% (approximately 600,000
      Performance Shares at 100%). The Participants receiving such Performance Awards
      included the Company's Chief Executive Officer and certain other members of
      senior management.
If
      after
      the end of the Performance Period, the Committee determines that the requisite
      performance targets have been achieved or exceeded, 50% of the earned
      Performance Shares will be delivered to Participants promptly following the
      date
      of such determination. The remaining 50% of the earned Performance Shares will
      be delivered one year later, provided that the Participant remains employed
      by
      the Company, other than due to the Participant's death or disability.
      Participants will be entitled to receive a pro rated portion of the Performance
      Shares in the event of death or disability, or if a change in control of the
      Company occurs, during the Performance Period. Prior to the delivery of any
      Performance Shares, no Participant will be deemed to have any ownership or
      shareholder rights (including without limitation dividend and voting rights)
      with respect to such shares, nor may the Participant sell or otherwise transfer
      any of the Performance Shares.
Each
      grant of a Performance Award by the Committee is subject to the terms and
      conditions of the 2005 Equity Incentive Plan and a performance award agreement
      to be entered into between each Participant and the Company.
Assuming
      the 100% performance target is met, the Company estimates the equity
      compensation expense that will be required to be recognized for the Performance
      Awards will approximate $27.8 million over the requisite service period, $11.0
      million of which is estimated to be recognized in fiscal 2006.
This
        report contains forward-looking statements within the meaning of federal
        securities laws, which are intended to be covered by the safe harbors created
        thereby. These statements include, but may not be limited to, statements
        regarding the Company's anticipated future compensation expenses and
        compensation expenses avoided. 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 to differ materially
        from those contemplated in such forward looking
        statements.
Item
      9.01.
Financial
      Statements and Exhibits.
(c)
Exhibits
Exhibit
                No.
Description
None.
SIGNATURES
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.
The
                Children's
                Place Retail Stores, Inc.
By:
/s/ Hiten
                Patel
Name:
                Hiten Patel
Title:
                Senior Vice President, Chief Financial Officer
Dated: February 1, 2006