Christopher & Banks Corp. (Minneapolis) announced it has voluntarily filed for Chapter 11 bankruptcy, according to a company press release. The brand will maintain normal operations in the short team, including the payment of employee wages and benefits, payment of suppliers and vendors and the use of cash collateral.
The brand expects to close a significant number of stores, and it has launched a store closing and liquidation process. It’s also reportedly in active discussions with potential buyers to sell its e-commerce platform and related assets.
President and Chief Executive Keri Jones said: “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 [Christopher & Banks] for the future.”