Christopher and Banks to Close 100 Stores
Posted on November 12, 2011Christopher & Banks announced in a press release that they will close 100 stores by the end of January, 2012. The company also announced plans to convert or consolidate some of its existing Christopher & Banks and CJ Banks stores into dual format stores. The company also reduced its workforce by 7%.
Larry Barenbaum, president and CEO, 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."
Last month, Christopher & Banks announced it would close 17 stores and open 8 new stores.