The Children's Place board member dies at 69

The Children's Place (NASDAQ:PLCE) announced the death of Lou Lipschitz, 69, a member of its board of directors and chair of the audit committee, on July 28.

Lipschitz served on the board of directors since 2008 and was a member of the Nominating and Corporate Governance Committee. Before joining the board, Lipschitz served as the executive VP and CFO of Toys R Us from 1996 until his retirement in 2004.

"We are deeply saddened by the passing of our friend, colleague and trusted advisor Lou Lipschitz," said Norman Matthews, The Children's Place chairman of the board of directors. "Lou's financial leadership and passion for our business enriched our company and our board and we will dearly miss his dedication, grace and wonderful sense of humor."

He passed away after a "brief illness," reported

More than 300 mourners attended the funeral services, which were held July 27 at Robert Schoem's Menorah Chapel in Paramus, New Jersey. Press Release