Christopher & Financial institutions, a women’s-garments chain, explained Thursday that it submitted for voluntary Chapter 11 personal bankruptcy and may possibly near all of its 449 retailers.
That makes the Plymouth, Minn., organization still a further target of the covid pandemic, joining J.C. Penney, Lord & Taylor and Brooks Brothers, among lots of many others.
Christopher & Banks (CBKC) shares recently traded at 4 cents, down 43%.
The chain claimed in a assertion that it filed its Chapter 11 petition in U.S. Individual bankruptcy Court docket for the District of New Jersey.
“The business expects to near a sizeable part, if not all, of its brick-and-mortar suppliers and, in relationship therewith, the enterprise has released a retail outlet closing and liquidation approach,” Christopher stated in a assertion.
“The corporation, however, will carry on to function its small business in the regular training course in the around expression, and the business is in active discussion with potential potential buyers for the sale of its e-commerce platform and similar belongings and expects to file the ideal movement shortly.”
Chief Executive Keri Jones said that “[since] the commence of the covid pandemic, we have taken aggressive actions to guard our business enterprise though continuing to provide our consumers in a healthy and risk-free setting.”
He added that “despite the incredible breakthroughs we have manufactured in executing our strategic approach, thanks to the fiscal distress ensuing from the pandemic and its ongoing affect, we elected to initiate this process and pursue a probable sale of the company in total or in aspect to situation the organization for the future.”
In a courtroom declaration, he stated, “Unfortunately, given the debtors’ ongoing working losses, decline in revenue and the restricted runway, the debtors were not able to execute on any out of-court option for their liquidity constraints.”
Although a lot of specialty vendors are having difficulties, giants like Amazon (AMZN) – Get Report, Walmart (WMT) – Get Report and Target (TGT) – Get Report are thriving.