Christopher & Banks to Close 30-plus Stores

Christopher & Banks (Plymouth, Minn.) announced that, amid disappointing third quarterly results, it is in the process of making a number of changes to its business.

First, it reported that it has hired and named Carmen Wamre as Senior VP and Chief Stores Officer, effective next week. 

Also, after analyzing its real estate portfolio, the company stated that it plans to close between 30 and 40 in an effort to "right-size" its fleet. The closures will not begin until the end of 2019 and will occur over the next two-and-a-half years as leases expire.

The company’s latest quarterly earnings included a loss of $8.817 million and a drop in net sales of 7.3 percent, while same-store sales for the quarter decreased 7.5 percent, according to Chain Store Age. The company is attributing some of those declines to supply chain problems including shipment delays and inadequate inventory.