Christopher and Banks, a retail clothing business, filed for Chapter 11 bankruptcy and is closing all of its stores, including its Joplin store at 101 N. Range Line.
From USA Today:
Hours after the bankruptcy filing, liquidation company Hilco Merchant Resources announced store closing sales have begun at all Christopher & Banks stores nationwide with discounts 40% to 60% off the original prices. Christopher & Banks said it "is in active discussion with potential buyers" for the sale of its online business and related assets.The company's news release is printed below:
Christopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today announced that it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).
Christopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today announced that it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).
The Company has filed customary motions with the Bankruptcy Court that will authorize, upon Bankruptcy Court approval, the Company’s ability to maintain operations in the ordinary course of business, including, among other things, the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business, and the use of cash collateral.
These motions are typical in the Chapter 11 process and the Company anticipates that they will be approved shortly after the commencement of its Chapter 11 case.
Details on the Company’s Chapter 11 process and go-forward strategy are as follows:
Details on the Company’s Chapter 11 process and go-forward strategy are as follows:
The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process.
The Company, however, will continue to operate its business in the ordinary course in the near term; and
The Company is in active discussion with potential buyers for the sale of its eCommerce platform and related assets and expects to file the appropriate motion shortly.
As previously announced, on December 10, 2020, the Company engaged strategic advisors including B. Riley Securities Inc. to assist with management's evaluation and pursuit of available strategic alternatives.
Keri Jones, President and Chief Executive Officer, commented, “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.
The Company is in active discussion with potential buyers for the sale of its eCommerce platform and related assets and expects to file the appropriate motion shortly.
As previously announced, on December 10, 2020, the Company engaged strategic advisors including B. Riley Securities Inc. to assist with management's evaluation and pursuit of available strategic alternatives.
Keri Jones, President and Chief Executive Officer, commented, “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.”
No comments:
Post a Comment