Another Bankrupt Retailer: Christopher & Banks To Close Stores, Hold Liquidation Sales Amid Chapter 11

Another retailer has joined the ranks of those that have fallen to the coronavirus pandemic and filed for bankruptcy protection. This time it’s women’s apparel retailer Christopher & Banks.

The company announced it had filed for Chapter 11 on Thursday, saying that it expects to close a significant portion, if not all, of its stores and will begin the liquidation process at these locations.

Christopher & Banks has 449 stores in 44 states, including 315 MPW locations, 76 outlet stores, 31 namesake stores, and 21 CJ Banks locations.

Christopher & Banks is also actively seeking a buyer for its e-commerce website and related assets. The retailer said it is currently in talks with some potential suitors.

“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,” said Keri Jones, president and CEO at Christopher & Banks.

“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 the company for the future.”

Christopher & Banks is one of several retailers that have filed for bankruptcy during the coronavirus pandemic as stores temporarily closed in March due to state restrictions.

The pandemic has had a major impact on the retail industry while a shift to e-commerce has rocked traditional brick-and-mortar stores.

Retailers such as Neiman Marcus, JC Penney, J. Crew, Stein Mart, Lucky Dungarees, Tuesday Morning, and Francesa’s, among others, also filed for Chapter 11 amid the COVID crisis.