Christopher & Banking companies Data files for Chapter 11 Bankruptcy
Christopher & Banking institutions, a women’s-outfits chain, reported Thursday that it filed for voluntary Chapter 11 bankruptcy and may near all of its 449 outlets.
That would make the Plymouth, Minn., firm still an additional target of the covid pandemic, becoming a member of J.C. Penney, Lord & Taylor and Brooks Brothers, among the many some others.
Christopher & Banks (CBKC) shares just lately traded at 4 cents, down 43%.
The chain reported in a statement that it filed its Chapter 11 petition in U.S. Individual bankruptcy Courtroom for the District of New Jersey.
“The corporation expects to near a important portion, if not all, of its brick-and-mortar outlets and, in link therewith, the firm has launched a retailer closing and liquidation procedure,” Christopher stated in a statement.
“The business, nonetheless, will keep on to run its enterprise in the ordinary study course in the in the vicinity of phrase, and the business is in energetic dialogue with opportunity prospective buyers for the sale of its e-commerce platform and linked property and expects to file the correct motion shortly.”
Main Executive Keri Jones mentioned that “[since] the begin of the covid pandemic, we have taken aggressive techniques to safeguard our business while continuing to serve our consumers in a healthier and secure surroundings.”
He added that “despite the huge enhancements we have manufactured in executing our strategic program, due to the economical distress resulting from the pandemic and its ongoing affect, we elected to initiate this course of action and go after a possible sale of the small business in total or in element to situation the corporation for the upcoming.”
In a court docket declaration, he mentioned, “Unfortunately, offered the debtors’ continued working losses, drop in product sales and the constrained runway, the debtors were being unable to execute on any out of-courtroom solution for their liquidity constraints.”
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