Plymouth, Minnesota-based Christopher & Banks Corporation,a specialty woman's apparel and accessories, has voluntairly filed a Chapter 11 bankruptcy petition. Immediately targets are 361 workers at the company's headquarters.
Assets for sale include 449 stores in 44 states which includes 315 MPW stores, 76 Outlet stores, 31 Christopher & Banks stores, and 28 stores in its women’s plus size clothing division CJ Banks. Also, the eCommerce platform www.ChristopherandBanks.com.
The decision was driven by the company's inability to attract investment capital or arrange a merger.
Keri Jones, President and CEO, noted, “Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our customers in a healthy and safe environment. Despite the tremendous advancements we have made in executing our strategic plan, due to the financial distress resulting from the pandemic and its ongoing impact, we elected to initiate this process and pursue a potential sale of the business in whole or in part to position the Company for the future."
"I want to extend my deepest gratitude to our dedicated associates, loyal customers and supportive partners for their commitment to Christopher & Banks throughout these challenging times.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?