Womenswear retailer Christopher & Banks files for bankruptcy | Local business news

Minneapolis, Minnesota. – Christopher & Banks, a womenswear retailer that caters to women over 40, announced today that it is filing for bankruptcy.

In a press release, the Minneapolis-based company said it “plans to close a significant portion, if not all, of its physical stores.”

In north-central Pennsylvania, Christopher & Banks has a store at Lycoming Mall in Pennsdale, Monroe Marketplace in Selinsgrove, and Nittany Mall in State College. A list of stores that are closing includes these locations. Clearance sales are to start at 40-60% off, according to a statement from PR Newsire.

The company filed Chapter 11 bankruptcy papers in the United States Bankruptcy Court for the District of New Jersey on Thursday.

According to the press release, the company is “in active discussions with potential buyers” for the sale of its online business and associated assets.

Keri Jones, President and CEO, said, “Since the onset of the COVID pandemic, we have taken aggressive action to protect our business while continuing to serve our customers in a healthy and safe environment.

“Despite the significant progress we have made in executing our strategic plan, due to the financial difficulties resulting from the pandemic and its continued impact, we have elected to initiate this process and pursue a potential sale of the company in whole or in part to position the Future Company. I would like to express my deepest gratitude to our dedicated associates, loyal customers and supporting partners for their commitment to Christopher & Banks throughout these difficult times” , Jones said in a statement.

On December 10, the company hinted that bankruptcy could be in its future when it hired strategic advisers to help it refinance debt and explore alternatives.

The company currently operates 449 stores in 44 states, including 315 Missy, Petite and Women’s stores; 76 factory outlets; 31 Christopher & Banks stores and 28 CJ Banks stores, according to USA Today.

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