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      AND EXCHANGE COMMISSION </strong></font></div>
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      D.C. 20549 </strong></font></div>
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      8-K </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>CURRENT
      REPORT </strong></font></div>
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      TO SECTION 13 OR 15 (d) </strong></font></div>
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      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="justify">&#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">Date
                of Report (date of earliest event reported) </font></div>
            </td>
            <td align="right" valign="top" width="22%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">May
                12, 2006 </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: 12pt; FONT-FAMILY: Times New Roman"><strong>THE
      CHILDREN'S PLACE RETAIL STORES, INC. </strong></font></div>
    <div>
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          <tr>
            <td valign="top" width="72%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="72%">
              <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>
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          </tr>

      </table>
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          <tr>
            <td align="left" valign="top" width="22%" style="border-bottom: medium none;">
              <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>DELAWARE</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">(State
                or other jurisdiction </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">of
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                </font></div>
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                Employer ID </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">Number)
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td align="left" valign="top" width="44%" style="border-bottom: black thin solid;">
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                558-2400</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      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: </font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <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="justify">&#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"><strong>Item
      1.01 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">&#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"><strong><u>Ezra
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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
      May
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      Ezra
      Dabah, our Chairman of the Board of Directors and Chief Executive Officer.
      Mr.&#160;Dabah's amended and restated employment agreement provides that he will
      serve as our Chairman and Chief Executive Officer of the Company from the
      effective date of the agreement, for successive three year periods, subject
      to
      termination in accordance with the termination provisions of the agreement.
      Mr.&#160;Dabah's salary for the initial year is $1,000,000, subject to annual
      review. Mr.&#160;Dabah is entitled to receive an annual bonus, pursuant to the
      Annual Management Incentive Bonus Plan (subject to stockholder approval of
      such
      plan), in an amount equal to the product of (a)&#160;Mr.&#160;Dabah's annual
      base salary, times (b)&#160;a percentage equal to or greater than 100% as
      determined by the compensation committee in their discretion, times (c)&#160;a
      bonus percentage based upon Mr.&#160;Dabah's performance in accordance with a
      schedule adopted by the compensation committee for all senior executives, except
      that Mr.&#160;Dabah's bonus percentage will not be more than 200%.
      Mr.&#160;Dabah's amended and restated employment agreement also provides for
      certain insurance and other benefits to be maintained and paid by us.
</font></div>
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      amended and restated employment agreement provides that if Mr.&#160;Dabah's
      employment is terminated by us without cause or for disability, or by
      Mr.&#160;Dabah for good reason or following a change in control (as each such
      term is defined in the agreement), we will be required to pay Mr.&#160;Dabah, as
      a lump sum, an amount equal to three times his base salary then in effect.
      Mr.&#160;Dabah also will be entitled to receive any accrued but unpaid bonus
      compensation, and all outstanding unvested stock options under our stock option
      plans will immediately vest. If Mr.&#160;Dabah's employment is terminated for
      any of the above reasons, we also will be required, with certain exceptions,
      to
      continue to maintain life insurance, medical benefits and other benefits for
      Mr.&#160;Dabah for three years. Mr.&#160;Dabah's employment agreement also
      provides that Mr.&#160;Dabah will not, with certain exceptions, engage or be
      engaged in a competing business or solicit our directors, officers and employees
      for a period of five years following termination of his employment.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="up"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Neal
      Goldberg Amended and Restated Employment Agreement</u></strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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
      May
      12, 2006 we entered into an amended and restated employment agreement with
      Neal
      Goldberg, our President. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.&#160;Goldberg's
      amended and restated employment agreement provides that he will serve as our
      President until such time as his employment is terminated in accordance with
      the
      termination provisions thereof. Mr.&#160;Goldberg's current salary is $690,000
      per year, subject to annual review. Mr.&#160;Goldberg is also entitled to
      receive an annual bonus, pursuant to the Annual Management Incentive Bonus
      Plan
      (subject to stockholder approval of such plan), in an amount equal to the
      product of (a)&#160;Mr.&#160;Goldberg's annual base salary, times (b)&#160;a
      percentage equal to or greater than 60% as determined by the compensation
      committee in their discretion, times (c)&#160;a bonus percentage based upon
      Mr.&#160;Goldberg's performance in accordance with a schedule adopted by the
      compensation committee for all senior executives, except that
      Mr.&#160;Goldberg's bonus will not be more than 200%. We previously granted
      Mr.&#160;Goldberg 250,000 stock options on January&#160;22, 2004, which vest
      over a five-year period, and 50,000 stock options on April&#160;21, 2005, which
      vested over a five-year period. On January&#160;27, 2006, the vesting schedule
      for the 50,000 options was accelerated such that all of these options are
      immediately exercisable. We had separately agreed to pay Mr.&#160;Goldberg a
      cash adjustment in the amount of $650,000, representing the difference between
      the aggregate exercise price for the 50,000 options granted on April&#160;21,
      2005 and the aggregate exercise price for such options that would have applied
      if such options had been granted on January&#160;22, 2004. The $650,000 was to
      be paid in five equal installments of $130,000. We made the first installment
      payment in May 2005 and the second installment payment on January&#160;31, 2006.
      Pursuant to Mr.&#160;Goldberg's amended and restated employment agreement, we
      have agreed to make the subsequent $130,000 payments to him on January&#160;31,
      2007, January&#160;31, 2008 and January&#160;31, 2009, subject to
      Mr.&#160;Goldberg's continued employment on such dates. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">Mr.&#160;Goldberg's
      amended and restated employment agreement provides that if Mr.&#160;Goldberg's
      employment is terminated by us without cause, or by Mr.&#160;Goldberg for good
      reason or following a change in control (as each such term is defined in the
      agreement), we will be required to pay Mr.&#160;Goldberg his base salary then in
      effect for one year following such termination, which amount will be payable
      in
      monthly installments following his termination. If Mr.&#160;Goldberg's
      employment is terminated by us without cause or by Mr.&#160;Goldberg for good
      reason, a portion of the stock options scheduled to vest for that period based
      on Mr.&#160;Goldberg's termination date will immediately vest. If
      Mr.&#160;Goldberg's employment is terminated due to a change of control or
      disability or if Mr.&#160;Goldberg dies, all of his outstanding unvested stock
      options will immediately vest. Mr.&#160;Goldberg's amended and restated
      employment agreement also provides that Mr.&#160;Goldberg will not engage or be
      engaged in a competing business or solicit our directors, officers and employees
      for a period of one year following termination of his employment.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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">SIGNATURES
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
      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="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="36%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="top" width="36%" style="border-bottom: medium none;">
              <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">THE
                CHILDREN'S PLACE RETAIL STORES, INC. </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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Steven
                Balasiano&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Steven
                Balasiano</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                Vice President, Chief Administrative Officer, </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
                Counsel and Secretary</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"><a name="FIS_EXHIBIT_INDEX"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
      May 18, 2006</font></a></div>
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UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 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
                12, 2006
THE
      CHILDREN'S PLACE RETAIL STORES, INC.
(Exact
                name of registrant as specified in its charter)
DELAWARE
(State
                or other jurisdiction
of
                incorporation)
0-23071
(Commission
File
                Number)
31-1241495
(IRS
                Employer ID
Number)
915
                Secaucus Road, Secaucus, New Jersey
07094
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                Telephone Number, including area code:
(201)
                558-2400
Not
                Applicable
(Former
                name or former address, if changed since last report)
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:
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
Ezra
      Dabah Amended and Restated Employment Agreement
On
      May
      12, 2006 we entered into an amended and restated employment agreement with
      Ezra
      Dabah, our Chairman of the Board of Directors and Chief Executive Officer.
      Mr. Dabah's amended and restated employment agreement provides that he will
      serve as our Chairman and Chief Executive Officer of the Company from the
      effective date of the agreement, for successive three year periods, subject
      to
      termination in accordance with the termination provisions of the agreement.
      Mr. Dabah's salary for the initial year is $1,000,000, subject to annual
      review. Mr. Dabah is entitled to receive an annual bonus, pursuant to the
      Annual Management Incentive Bonus Plan (subject to stockholder approval of
      such
      plan), in an amount equal to the product of (a) Mr. Dabah's annual
      base salary, times (b) a percentage equal to or greater than 100% as
      determined by the compensation committee in their discretion, times (c) a
      bonus percentage based upon Mr. Dabah's performance in accordance with a
      schedule adopted by the compensation committee for all senior executives, except
      that Mr. Dabah's bonus percentage will not be more than 200%.
      Mr. Dabah's amended and restated employment agreement also provides for
      certain insurance and other benefits to be maintained and paid by us.
Mr. Dabah's
      amended and restated employment agreement provides that if Mr. Dabah's
      employment is terminated by us without cause or for disability, or by
      Mr. Dabah for good reason or following a change in control (as each such
      term is defined in the agreement), we will be required to pay Mr. Dabah, as
      a lump sum, an amount equal to three times his base salary then in effect.
      Mr. Dabah also will be entitled to receive any accrued but unpaid bonus
      compensation, and all outstanding unvested stock options under our stock option
      plans will immediately vest. If Mr. Dabah's employment is terminated for
      any of the above reasons, we also will be required, with certain exceptions,
      to
      continue to maintain life insurance, medical benefits and other benefits for
      Mr. Dabah for three years. Mr. Dabah's employment agreement also
      provides that Mr. Dabah will not, with certain exceptions, engage or be
      engaged in a competing business or solicit our directors, officers and employees
      for a period of five years following termination of his employment.
Neal
      Goldberg Amended and Restated Employment Agreement
On
      May
      12, 2006 we entered into an amended and restated employment agreement with
      Neal
      Goldberg, our President.
Mr. Goldberg's
      amended and restated employment agreement provides that he will serve as our
      President until such time as his employment is terminated in accordance with
      the
      termination provisions thereof. Mr. Goldberg's current salary is $690,000
      per year, subject to annual review. Mr. Goldberg is also entitled to
      receive an annual bonus, pursuant to the Annual Management Incentive Bonus
      Plan
      (subject to stockholder approval of such plan), in an amount equal to the
      product of (a) Mr. Goldberg's annual base salary, times (b) a
      percentage equal to or greater than 60% as determined by the compensation
      committee in their discretion, times (c) a bonus percentage based upon
      Mr. Goldberg's performance in accordance with a schedule adopted by the
      compensation committee for all senior executives, except that
      Mr. Goldberg's bonus will not be more than 200%. We previously granted
      Mr. Goldberg 250,000 stock options on January 22, 2004, which vest
      over a five-year period, and 50,000 stock options on April 21, 2005, which
      vested over a five-year period. On January 27, 2006, the vesting schedule
      for the 50,000 options was accelerated such that all of these options are
      immediately exercisable. We had separately agreed to pay Mr. Goldberg a
      cash adjustment in the amount of $650,000, representing the difference between
      the aggregate exercise price for the 50,000 options granted on April 21,
      2005 and the aggregate exercise price for such options that would have applied
      if such options had been granted on January 22, 2004. The $650,000 was to
      be paid in five equal installments of $130,000. We made the first installment
      payment in May 2005 and the second installment payment on January 31, 2006.
      Pursuant to Mr. Goldberg's amended and restated employment agreement, we
      have agreed to make the subsequent $130,000 payments to him on January 31,
      2007, January 31, 2008 and January 31, 2009, subject to
      Mr. Goldberg's continued employment on such dates.
Mr. Goldberg's
      amended and restated employment agreement provides that if Mr. Goldberg's
      employment is terminated by us without cause, or by Mr. Goldberg for good
      reason or following a change in control (as each such term is defined in the
      agreement), we will be required to pay Mr. Goldberg his base salary then in
      effect for one year following such termination, which amount will be payable
      in
      monthly installments following his termination. If Mr. Goldberg's
      employment is terminated by us without cause or by Mr. Goldberg for good
      reason, a portion of the stock options scheduled to vest for that period based
      on Mr. Goldberg's termination date will immediately vest. If
      Mr. Goldberg's employment is terminated due to a change of control or
      disability or if Mr. Goldberg dies, all of his outstanding unvested stock
      options will immediately vest. Mr. Goldberg's amended and restated
      employment agreement also provides that Mr. Goldberg will not engage or be
      engaged in a competing business or solicit our directors, officers and employees
      for a period of one year following termination of his employment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
      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/
                Steven
                Balasiano
Name:
Steven
                Balasiano
Title:
Senior
                Vice President, Chief Administrative Officer,
General
                Counsel and Secretary
Dated:
      May 18, 2006