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Apparel retailer Christopher & Banks, serving women over 40, is the latest clothing chain to apply for bankruptcy protection amid the coronavirus outbreak.
The Minneapolis-based company announced Thursday it had filed for Chapter 11 in U.S. bankruptcy court for the District of New Jersey, Chistopher & Banks said in a press release. “Expect to close many, if not all, brick and mortar stores.”
The company said it had launched “Shop closing and settlement” and “under discussion with potential buyers” for online business sales and related assets.
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Keri Jones, President and CEO, said the company has
“Take proactive steps to protect our business while continuing to serve our customers in a healthy and safe environment” since the outbreak.
“Despite great progress in the execution of our strategic plan due to the financial distress caused by the outbreak and its ongoing impact, we chose to start this process and carry out the entire sale. Or some with the potential to position the company for the future, “Jones said in a statement.
The company hinted that bankruptcy was imminent when it announced on Dec. 10 that it had hired a strategic adviser and was working on debt refinancing and exploring alternatives.
In June, it received a $ 10 million loan under the Paycheck Protection Program in June.
As of Jan. 13, the company said it had 449 stores in 44 states, including 315 Missy, Petite, Women’s stores, 76 stores, 31 Christopher & Banks stores and 28 CJ Banks stores.
Last week, Macy’s and Bed Bath & Beyond confirmed store closings in 2021, JC Penney announced in December that it would close additional stores.
Follow USA TODAY journalist Kelly Tyko on Twitter: @KellyTyko.
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