Exhibit 14

The Company's Code of Conduct for associates will be replaced on March 31, 2004 with the following document:

UNITED RETAIL GROUP,
INC.

CODE OF BUSINESS ETHICS

(effective March 31, 2004)

I. Overview

The good reputation of United Retail Group, Inc. and its subsidiaries (the "Company") is a fragile thing.  It
must be earned time and again on a continuing basis by doing business honestly and legally.

Although we recognize that the world
is composed of many different cultures and value systems, there are certain standards of
business ethics by which we at the Company live and work. Since specific standards of
business ethics may sometimes be difficult to apply in every situation, an understanding
of the philosophy behind these standards is essential. The philosophy of the
Companyupon which its ethical standards are basedis outlined below.

- We work hard and treat others with respect
- We earn an honest profit by providing the right products and services to our customers.
- We act responsibly and in a manner that reflects favorably on the Company.
- We observe applicable laws and regulations.
- We require honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
   interest, on the part of ourselves and our fellow associates.
- We are committed to full, fair, accurate, timely and understandable disclosure in compliance with all
         applicable laws and regulations in all reports and other documents filed with, or furnished to, the
         Securities and Exchange Commission ("Commission") and in all other public releases of Company financial
         information.

In summary, the above philosophy and
the following ethical standards and conflicts of interest standards are the foundation of
the Companys corporate conscience.

All associates, including the
Companys Chief Executive Officer, Chief Administrative Officer and Chief Accounting
Officer (together, senior officers), are subject to this Code of Business
Ethics when conducting Company business anywhere in the world. It sets forth general norms
for all associates and some additional rules to guide senior officers in their performance
of their particular duties.

The Ethical Standards contained in
this Code of Business Ethics do not apply to associates personal activities after
work but the Conflicts of Interest Standards apply to all their activities.

The leadership responsibilities of
management include creating a corporate culture of commitment to business ethics and legal
compliance, as well as a work environment that encourages associates to raise concerns
about these subjects.

II. Ethical Standards

(A)
Legal Compliance

| | Associates
will observe applicable laws and regulations of the jurisdictions in which Company
business activities are conducted, as well as the NASDAQ Stock Market rules. No funds or
other assets of the Company shall be used, directly or indirectly, for any unlawful
purpose. Associates will report any suspected violations by other associates in accordance
with the Reporting Responsibilities contained in Section IV(A) of this Code of Business
Ethics.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(B)
Financial Disclosures

| | Senior
officers will make full, fair, accurate, timely and understandable disclosure in
compliance with all applicable laws and regulations in all reports and other documents
filed with, or furnished to, the Commission and in all other public releases of Company
financial information.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Other
associates will support the senior officers by making timely and accurate entries on the
Companys books and records and by complying with the Companys internal
controls over financial reporting. If requested, they will cooperate with internal audits
and with the annual audit of the Companys financial statements. (Internal audits and
financial statement audits are standard business practices and are not a reflection on the
business ethics of any associate involved in the audits.)
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(C)
Harassment

| | The
Company will not tolerate harassment of associates by fellow associates, by employees of
vendors or by customers. This includes any demeaning, insulting, embarrassing or
intimidating behavior related to race, national origin, ancestry, color, creed, religion,
sex, sexual preferences, marital status, veteran status, age, pregnancy, or disability.
The Company specifically bans unwelcome sexual advances, physical contact and sexually
oriented gestures, as well as the display or circulation of pornographic pictures,
cartoons, or other materials. It also prohibits retaliation against any associate who
complains about sexual harassment.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(D)
Nondiscrimination

| | No
associate will discriminate against another person on the basis of race, national origin,
ancestry, color, creed, religion, sex, sexual preference, marital status or veteran status
or against another adult on the basis of age. Associates will make reasonable
accommodations for others pregnancy and disabilities.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(E)
Corrupt Practices

| | Associates
will not, directly or indirectly, bribe any employee of any vendor or any official of any
government, political party or labor union.
| | ------------------------------------------------------------------------------------------------------------------------------------------------

| | Associates
will not use Company resources to, and will not, make or solicit any contribution to any
political party or candidate for political office or otherwise participate in any
political campaign.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Assets
shall be recorded on the Companys books and records in accordance with generally
accepted accounting practices. No unrecorded fund shall be maintained for any reason.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Associates
will not make any entry in the Companys books and records to mislead senior officers
or the Companys auditors.
| | ---------------------------------------------------------------------------------------------------------------------------

(F)
Gift Giving

| | Gifts
are not to be used as consideration for business favors to the Company. However, gifts may
be given to employees of vendors in keeping with conventional practices of the industry,
such as expressions of gratitude for extraordinary efforts on the Companys behalf.
Also, senior officers may make or approve ceremonial presentations to supplier
organizations at a cost in accordance with local customs.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
some overseas areas, travelers can often obtain routine administrative action or
procedural assistance from low level administrative or clerical government employees in a
timely manner only through the payment of token gratuities or expediting payments ($100.00
or less per traveler). Although these payments are openly permitted by local authorities
or accepted by local customs, their formal status under local law is often unclear. Such
payments may be made provided that the governmental action or assistance requested is
clearly routine and appropriate, that the expected payments are customary in the country
involved, and that no reasonable alternative exists to avoid undue delay. Every effort
should be made to minimize expediting payments when traveling abroad.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(G)
Transshipment

| | Transshipment
is the illegal practice of falsely documenting the country of origin of merchandise
entered into the United States, usually in order to evade quota restraints of the country
of actual production. Transshipped merchandise itself is illegally marked with the false
country of origin. Associates will not condone transshipment.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(H)
Labor Compliance by Vendors

Associates
will not condone the use by vendors of child labor, prison labor or slave labor.

(I)
Drugs and Alcohol

Associates
will not possess illegal drugs or work under the influence of alcohol or illegal drugs.

III. Conflicts of
Interest Standards

(A)
General

| | Associates
will avoid situations in which their personal interests may conflict or appear to conflict
with the interests of the Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------

| | Business
judgment in dealing with third parties in the name of the Company must never be influenced
by the personal interest of an associate, or a member of his or her immediate family
(spouse, spousal equivalent, mother, father, grandmother, grandfather, brother, sister,
son or daughter, whether the relationship exists by blood, adoption or marriage). All
decisions must be made with the Companys best interests as the sole determining
factor.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | An
associate who turns down a business opportunity available to the Company will not
subsequently pursue the business opportunity personally.
| | ---------------------------------------------------------------------------------------------------------------------------------------------

Associates
will not compete with the Company.

| | Moreover,
associates will not take any salary or other compensation, make any investment, accept any
benefits or gifts, participate in any transaction or business arrangement or otherwise act
in a manner that creates or appears to create a conflict of interest. The preceding
sentence applies, as well, to any members of the immediate family who are living with an
associate and applies to action that takes place after March 31, 2004 and to action that
began earlier but continued afterwards.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
any doubt exists, the facts should be discussed in advance with the Companys General
Counsel/Secretary, so an assessment of potential conflicts of interest can be made.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(B)
Relationships With Vendors and Other Associates

| | A
possible conflict of interest exists whenever an associate, or a member of his or her
immediate family, has any interest, direct or indirect, in any transaction involving the
Company. If any associate, or member of his or her immediate family, works for (full time,
part time or as a consultant), invests in, is a supplier to, or is a customer of, any
vendor of the Company or any bidder for Company contracts, the business relationship will
be disclosed to the Companys General Counsel/Secretary, so an assessment of
potential conflicts of interest can be made. Such relationships that began after March 31,
2004 and those that began earlier but continued afterwards will be disclosed. However, it
will not be necessary to disclose that an associate is a customer of a Company vendor on
terms and conditions generally available to the public or that an associate holds shares
of publicly traded stock in another company. For example, it will not be necessary to
disclose that an associate purchases stationery at retail prices for residential use from
an office supplies vendor used by the Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | An
associate will not prepare the annual performance rating of another associate who is a
member of his or her immediate family. If any member of the immediate family of an
associate other than a sales associate is also in the Companys employ, the
associates will disclose the family relationship to the Companys General
Counsel/Secretary, so an assessment of potential conflicts of interest can be made. Such
relationships that began after March 31, 2004 and those that began earlier but continued
afterwards will be disclosed.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(C)
Receiving Gifts

| | Associates
will not solicit or accept gifts or loans from vendors or Company subordinates except (i) infrequent gifts of token value (less than
$25.00), (ii) consumables shared with nearby coworkers, such as a basket of fruits and
candies, or a floral display, that is placed in a public area for everyones benefit
and (iii) gifts or loans from members of the associates immediate family. Other
unsolicited gifts and loans delivered to an associate should be returned to the sender
politely. Donations to a public charity with which an associate is connected, however,
will not violate this Code Of Business Ethics.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(D)
Entertainment

| | No
entertainment of an associate, or a member of his or her immediate family, will be
accepted by courtesy of a vendor. Examples of impermissible entertainment are greens fees
on a golf course, tickets to theaters and sports events and stays at hotels. This
prohibition does not extend to an infrequent, ordinary business lunch or dinner in keeping
with conventional practices of the industry or more formal receptions abroad in accordance
with local customs. Business meals accepted from vendors should be reciprocated when
practicable.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Whenever
questions arise about the propriety of accepting an invitation, prior approval of a
supervisor should be obtained. If prior approval is impractical, discretion should be
exercised and disclosure to a supervisor should be made promptly afterwards.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Senior
officers should entertain vendors at Company expense for business purposes rather than
letting vendors pay, whenever it is possible without giving offense.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

(E)
Invitations to Graft

| | All
invitations to accept graft must be reported promptly to the associates immediate
supervisor and, in the case of senior officers, to the Companys General
Counsel/Secretary. Non-disclosure of even a rejected proposal of graft shall be reason for
serious disciplinary action.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(F)
Confidential Information

| | When
material undisclosed information about the Company is received by an associate, the
information may not be disclosed to others for their personal use and may not be used as a
basis for trading in the Companys stock.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Prices
and other confidential information such as sales, expansion plans, buying plans, personnel
changes and fashion information must be held internally in strict confidence until
publicly released.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IV. Administration

(A)
Reporting Responsibilities

| | All
associates, not just supervisors, will hold fellow associates to the Ethical Standards and
the Conflicts of Interest Standards contained in Sections II and III of this Code of
Business Ethics. If any associate becomes aware of, or suspects, a violation by any other
associate that takes place or continues after March 31, 2004, he or she must immediately
report that information. Violations by any senior officer should be reported to the
Companys General Counsel/Secretary using one of the methods provided in the attached
Business Conduct Reporting Policy. Violations by others should be reported either to the
Companys General Counsel/Secretary or to a senior officer. No one will be subject
to retaliation because of a good faith report of a suspected violation.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Each
associate will ordinarily speak freely with his or her immediate supervisor about any
questions regarding possible violation of this Code of Business Ethics. If an associate is
uncomfortable in dealing with a supervisor, however, the matter may be discussed, instead,
with the Companys General Counsel/Secretary, telephone number 201-909-2200.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(B)
Ethical Compliance

| | Each
associate will be held responsible for compliance with the Ethical Standards, the
Conflicts of Interest Standards and the Reporting Responsibilities contained in Sections
II, III and IV(A) of this Code of Business Ethics as they apply to his or her own acts or
omissions and as they apply to his or her actual knowledge of the business conduct of
other associates and vendors. However, no knowledge of the business conduct of
subordinates will be imputed to a supervisory associate who is in fact unaware of their
conduct.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Violations
of this Code of Business Ethics (including reckless omissions) may result in disciplinary
action up to and including discharge. If any violations appear to constitute a crime, the
violations will be reported to the appropriate authorities by the Company.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

V. Miscellaneous

(A)
Publication of Code of Business Ethics

| | Each
associate will be given a copy of this Code of Business Ethics to read. The Company will
post the current version of this Code of Business Ethics on its website,
www.unitedretail.com. A copy may be obtained free of charge upon request to the
Companys General Counsel/Secretary at 365 West Passaic Street, Rochelle Park, New
Jersey 07662 or kcarroll@unitedretail.com.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(B)
Prospective Waivers of Code of Business Ethics

| | In
unusual circumstances, an associate may apply for a prospective waiver of this Code of
Business Ethics. He or she must make full disclosure of the circumstances to the
Companys General Counsel/Secretary. Any waiver granted to a senior officer will be
disclosed in the next periodic report filed with the Commission or as otherwise required
by law. Any waiver granted will include appropriate controls to protect the Companys
interests.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(C)
Advice of Counsel

| | Associates
may apply to the Companys General Counsel/Secretary for a determination regarding
the applicability of this Code of Business Ethics to a proposed course of action or
anticipated state of facts. A favorable determination of the Companys General
Counsel/Secretary shall be a defense against any disciplinary action based on the facts
assumed in his determination letter.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(D)
No Rights Created

| | This
Code of Business Ethics is a statement of certain fundamental principles, standards and
procedures that govern the Companys associates in the conduct of Company business.
It is not intended to, and does not, create any rights in any associate, customer, vendor,
competitor, shareholder or any other person or entity, other than the rights arising from
the Companys policy against retaliation because of a good faith report of a
suspected violation. It is not a comprehensive statement of the Companys policies
that associates are bound to observe.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(E)
Effective Date

| | This
Code of Business Ethics applies to acts or omissions by an associate that take place or
continue after the associate is given a copy to read.
| | --------------------------------------------------------------------------------------------------------------------------------------------------

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COMMITMENT TO

CODE OF BUSINESS ETHICS

OF

UNITED
RETAIL GROUP, INC.

I
acknowledge receipt of the Code of Business Ethics of United Retail Group, Inc., effective
on March 31, 2004 (the Code), and agree to abide by it and to hold other
associates and Company vendors to it. I also acknowledge receipt of the Business Conduct
Reporting Policy.

Further,
I certify that I reported in accordance with the provisions of Section IV(A) of the Code
any violation of the Code by any associate that took place after March 31, 2004 or that
began earlier and continued afterwards or, in the case of my own acts or omissions, that
took place after the date inserted below or that began earlier and continued afterwards.

I
understand that violations of the Code, including failures to report violations of the
Code, may result in disciplinary action up to discharge.

|                            |                                                  
|--------------------------- | -------------------------------------------------
|Dated: ____________________ | ____________________(Please sign your name)      
|                            | ____________________(Please print your name)     
|                            | ____________________(Please print your job title)

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# APPENDIX A

# BUSINESS CONDUCT
REPORTING POLICY

United Retail Group, Inc. and its
subsidiaries (the Company) is committed to compliance, among other things,
with applicable laws, rules and regulations, accounting standards and internal controls
for financial reporting. It is the responsibility of each associate to promptly report
violations and suspected violations. In order to facilitate such reports, the following
procedures have been established for the receipt, retention and treatment of reports
received by the Company, and the confidential, anonymous submission by associates of
reports.

The Office of the General
Counsel/Secretary

Reports by associates may be made
anonymously to the Companys General Counsel/Secretary by telephone at 201-909-2200,
by mail to United Retail Group, Inc., Secretary, 365 West Passaic Street, Rochelle Park,
NJ 07662 and by e-mail to kcarroll@unitedretail.com.

# The Hotline

The Company has a 24-hour Hotline,
1-866-345-8355, which you can use to make reports. You have the option to report to the
Hotline anonymously. Messages are retrieved and handled each business day.

# Other Company Officials

Associates can also make reports to
their immediate supervisor or any other Company officer. Any Company official receiving
such a report has the responsibility promptly to forward it to the Companys General
Counsel/Secretary at the address set forth above.

Confidentiality

Providing your name allows the
Company to contact you if necessary during any investigation. To the extent possible, the
Company will maintain in confidence the identity of those individuals who provide their
names when reporting. However, their identities may be revealed during any investigation.

# Protection Against
Reprisals

No one will be subject to
retaliation because of a good faith report of a complaint.The Company will
not discriminate against associates for making good faith reports in any of the terms and
conditions of their employment, including but not limited to job assignment, promotion,
compensation, training, discipline and termination. Any suspected acts of retaliation
should be reported immediately to the General Counsel/Secretary or the Company Hotline.

# Treatment of Reports and
Retention of Records

The General Counsel/Secretary will
send summaries of conversations, and will forward copies of written communications and
transcripts of voice mail messages, containing reports to the Chairman of the Board of
Directors and the Chairman of the Audit Committee, as appropriate. The General
Counsel/Secretary will provide periodic reports to both Chairmen. The General
Counsel/Secretary will retain copies of all complaints, investigative reports, summaries
of reports and other records relating to complaints in accordance with the Companys
records retention policy.

# No Rights Created

This Policy is a statement of certain
policies and procedures. It is not intended to, and does not, create any rights in any
client, supplier, competitor or shareholder or in any associate except with respect to
rights arising from the Companys policy against retaliation because of a good faith
report.