News and Events
Christopher & Banks retains RCS
RCS Real Estate Advisors to coordinate updated real estate strategy.
Nov 11, 2011 Press Release
MINNEAPOLIS, November 11, 2011 – Christopher & Banks Corporation, a specialty women's apparel retailer, today announced that the Company's Board of Directors, after reviewing the results of an in-depth analysis of the Company's store portfolio, authorized plans to close approximately 100 stores, almost all of which are underperforming, with a significant majority targeted for completion by the end of January, 2012. As part of the Company's overall real estate strategy, the Company also will seek to restructure the occupancy costs of a majority of its remaining stores. In addition, the Company intends to accelerate its plans to convert or consolidate a number of its existing Christopher & Banks and CJ Banks stores into dual format stores.
Larry Barenbaum, President and Chief Executive Officer, said, "We have conducted an in-depth assessment of our store portfolio, which included an analysis of the portfolio by RCS Real Estate Advisors. Following that assessment, we have made the strategic decision to close approximately 100 stores. As part of our go-forward real estate strategy, we also intend to restructure overall occupancy costs at a majority of our remaining stores and to accelerate the conversion of a number of our existing stores to a dual store format, which offers missy, petite and plus sizes under one roof. We anticipate that these initiatives will help us to both improve overall store productivity and support our return to profitability."