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SAN FRANCISCO (Thomson Financial) - Children's Place Retail Stores Inc. late Friday named Louis Lipschitz and Joseph Alutto to its board, expanding the total board to eight from six members.The appointments raise the number of independent directors to five, bringing the company back into compliance with Nasdaq's independent director requirement.As part of the company's ongoing strategic assessment, the board also granted a request from its largest shareholder, Ezra Dabah, and Golden Gate Private Equity Inc. for an approval under Delaware law to facilitate their working together to develop and make a proposal to acquire the company.The Secaucus, N.J.-based children's apparel retailer also said it is continuing to search for a permanent chief executive.The stock closed the regular session up 66 cents at $29.40.Copyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.