U.S.

Christopher & Banks is going out of business

January 14, 2021. Summarized by summa-bot.

Compression ratio: 67.6%. 1 min read.

Christopher & Banks is joining the long list of retailers filing for bankruptcy and disappearing from America's malls.

New York (CNN Business)Christopher & Banks is joining the long list of retailers filing for bankruptcy and disappearing from America's malls.

The womenswear company filed for Chapter 11 on Thursday, a result of "financial distress resulting from the pandemic and its ongoing impact," it said.

Christopher & Banks, which has approximately 400 locations in 44 states, said it will close a "significant portion" of stores and is in an "active discussion" to sell its website.

The bankruptcy was foreshadowed last year when the company announced it hired an investment banker to refinance its debt and "explore other strategic alternatives. " In May, the company took a loan between $5 million to $10 million from the Paycheck Protection Program according to CNN Business' database.

Ascena Retail Group, the owner of Ann Taylor, Loft and Lane Bryant, said its business had been "severely disrupted" by the pandemic and closed hundreds of stores.

RTW Retailwinds, owner of New York & Co. , also closed most of its stores.

New data from Coresight Research reveals that more than 8,700 stores closed in 2020 and another 1,400 shuttered just this year.

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