Christopher & Banks files for voluntary Chapter 11 bankruptcy, plans to close most of its stores, sell-ecommerce platform
Christopher & Banks Corp.
CBKC,
said Thursday it is voluntarily filing for Chapter 11 bankruptcy and plans to close a significant portion, if not all, of its bricks-and-mortar stores. The Minneapolis-based retailer, which focused on privately branded women’s clothing and accessories, is in talks with potential buyers of its e-commerce platform and related assets and expects to file a motion shortly. The company hired B. Riley Securities in December to help with the exploration of its strategic options. “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,” Chief Executive Keri Jones said in a statement. “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.” Shares closed Wednesday at 7 cents.
