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Christopher & Banks files for bankruptcy protection and says it could close all stores amid COVID-19

Christopher & Banks files for bankruptcy protection and says it could close all stores amid COVID-19

FINANCIAL NEWS

Christopher & Banks files for bankruptcy protection and says it could close all stores amid COVID-19

Kelly Tyko

| USA TODAY
Shopping: These retailers will either make it or break it in 2021From J.C. Penney to Victoria’s Secret, here are 8 retailers who will either make it or break it in 2021.Staff Video, USA TODAYApparel retailer Christopher & Banks, which caters to women over 40, is the latest clothing chain to file for bankruptcy protection amid the coronavirus pandemic.The Minneapolis-based company announced Thursday it filed for Chapter 11 in the United States Bankruptcy Court for the District of New Jersey. Chistopher & Banks said in a news release it “expects to close a significant portion, if not all, of its brick-and-mortar stores.”The company said it launched a “store closing and liquidation process” and “is in active discussion with potential buyers” for the sale of its online business and related assets.Capitol riots aftermath: Black and white still define AmericaA Costco staple going away: Retailer to soon close photo centers in all of its clubsKeri Jones, president and CEO, said the company has”taken aggressive steps to protect our business while continuing to serve our customers in a healthy and safe environment” since the start of the pandemic.”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,” Jones said in a statement .The company hinted a bankruptcy was imminent when it announced on Dec. 10 that it hired strategic advisers and was working to refinance debt and explore alternatives.In June the company obtained a $10 million loan under the Paycheck Protection Program in June.As of Jan. 13, the company said it operated 449 stores in 44 states, including 315 Missy, Petite, Women stores, 76 outlet stores, 31 Christopher & Banks stores and 28 C.J. Banks stores.Last week, Macy’s and Bed Bath & Beyond confirmed 2021 store closings. J.C. Penney announced in December it would close additional stores.Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko


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