Notice of Discontinuation of Guaranty and Commitment between The Children’s Place Retail Stores, Inc., Hoop Holdings, LLC, Hoop Retail Stores, LLC, Hoop Canada, Inc., and TDS Franchising, LLC (March 26, 2008)
The Children’s Place Retail Stores, Inc. has formally notified TDS Franchising, LLC, Hoop Retail Stores, LLC, and Hoop Canada, Inc. that it is discontinuing and terminating a guaranty and commitment agreement originally dated November 21, 2004. This notice, effective immediately as of March 26, 2008, ends TCP’s obligations under the prior guaranty and commitment among the parties. The letter serves as official written notice of termination in accordance with the terms of the original agreement.
EXHIBIT 10.57
Notice of Discontinuation of Guaranty and Commitment
Dated March 26, 2008.
March 26, 2008
TDS Franchising, LLC
c/o The Walt Disney Company
1101 Flower Street
Glendale, CA 91201
Attn: Robert Langer, CFO
Fax: 818 ###-###-####
Hoop Retail Stores, LLC
Hoop Canada, Inc.
c/o The Children’s Place Retails Stores, Inc.
915 Secaucus Road
Secaucus, NJ 07094
Attn: Chief Financial Officer
Fax: 201 ###-###-####
Re: Guaranty and Commitment
To Whom it May Concern,
This letter is to notify you that pursuant to Section 10 of the guaranty and commitment agreement, dated November 21, 2004 (the “Guaranty and Commitment”), among The Children’s Place Retail Stores, Inc. (“TCP”), Hoop Holdings, LLC (“Licensee Parent”), Hoop Retail Stores, LLC (as successor in interest to The Disney Store, LLC), Hoop Canada, Inc. (as successor in interest to The Disney Store (Canada) Ltd.) and TDS Franchising, LLC (“TDSF”), that effective immediately, TCP hereby is discontinuing and terminating the Guaranty and Commitment.
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| Sincerely, |
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| The Children’s Place Retail Stores, Inc. |
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| /s/Charles Crovitz |
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| Charles Crovitz |
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| Interim Chief Executive Officer |
cc
The Walt Disney Company
500 South Buena Vista Street
Burbank,, California 91521-0930
Attn: General Counsel
Fax: 818 ###-###-####
The Walt Disney Company
500 South Buena Vista Street
Burbank,, California 91521-0930
Attn: James Kapenstein, Esq.
Fax: 818 ###-###-####
Hoop Retail Stores, LLC
Hoop Canada, Inc.
c/o The Children’s Place Retails Stores, Inc.
915 Secaucus Road
Secaucus, NJ 07094
Attn: Chief Financial Officer
Fax: 201 ###-###-####
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, NY 10038
Attn: Jeffrey Lowenthal, Esq.
Fax: 818 ###-###-####
