Jan 21 (Reuters) - Children's Place Retail Stores Inc (PLCE.O) said it will cut about 350 jobs as it relocates its e-commerce business, citing lack of space at its present center.

www.ChildrensPlace.com

The company, whose rivals include Gymboree (GYMB.O), American Eagle Outfitters (AEO.N) and Aeropostale (ARO.N), said it will move its e-commerce business to Fort Payne, Alabama from its Secaucus, New Jersey distribution center in June.

Children's Place said its e-commerce sales had increased by about 60 percent this year, and it had outgrown the available space at its Secaucus location.

Shares of the Secaucus, New Jersey-based company closed up more than 2 percent at $19.91 Wednesday on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Deepak Kannan)