Yet another retailer has joined the ranks of individuals that have fallen to the coronavirus pandemic and submitted for bankruptcy defense. This time it is women’s clothing retailer Christopher & Banking institutions.
The organization declared it had submitted for Chapter 11 on Thursday, declaring that it expects to shut a important part, if not all, of its shops and will begin the liquidation system at these spots.
Christopher & Banking companies has 449 retailers in 44 states, including 315 MPW areas, 76 outlet suppliers, 31 namesake stores, and 21 CJ Financial institutions destinations.
Christopher & Banks is also actively trying to get a consumer for its e-commerce web page and related belongings. The retailer stated it is at present in talks with some potential suitors.
“Since the get started of the COVID pandemic, we have taken aggressive methods to shield our business enterprise while continuing to provide our clients in a healthier and safe and sound setting,” reported Keri Jones, president and CEO at Christopher & Banks.
“Despite the incredible progress we have created in executing our strategic strategy, due to the financial distress ensuing from the pandemic and its ongoing impression, we elected to initiate this process and pursue a potential sale of the company in entire or in element to placement the enterprise for the long term.”
Christopher & Banking institutions is one particular of numerous stores that have filed for personal bankruptcy for the duration of the coronavirus pandemic as retailers quickly closed in March due to state limits.
The pandemic has experienced a key impact on the retail market although a change to e-commerce has rocked regular brick-and-mortar merchants.
Shops these kinds of as Neiman Marcus, JC Penney, J. Crew, Stein Mart, Lucky Dungarees, Tuesday Early morning, and Francesa’s, among many others, also submitted for Chapter 11 amid the COVID disaster.