Business
Christopher & Banks Corporation Provides Second Business Update on COVID-19
Christopher & Banks Corporation Provides Second Business Update on COVID-19.
About this update from Christopher & Banks Corp
[{"type":"text","content":"\nChristopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today announced a second business update related to COVID-19.\n\n\nKeri Jones, President and Chief Executive Officer, commented, “In response to the changing dynamics related to COVID-19, including prolonged store closures, we are taking proactive steps to conserve capital during this uncertain time. Over the past two years, we have developed and implemented numerous strategic initiatives to turnaround the business, which led to improved financial performance in the second half of fiscal 2019. The health and safety of our employees and customers remain a top priority and we are extremely grateful for the hard work and contributions of our entire team.”\n\n\nThe Company announced the following actions:\n\n\n\nExtension of temporary store closures until governing officials indicate it is safe to reopen.\n\n\nCorporate employees have been working from home for the past two weeks will continue to do so until further notice.\n\n\nCustomers may continue to shop through the Company’s ecommerce website at ChristopherandBanks.com. The Company’s distribution center is running at limited capacity and in adherence with workplace safety, including social distancing and sanitation practices, recommended by the Centers for Disease Control and Prevention.\n\n\n\nThe Company is also taking proactive measures to conserve capital during this period of disruption including:\n\n\n\nImplementation of furloughs for all store associates and over 60% of the remainder of its workforce. The employees on furlough will continue to receive employee benefits, including medical, dental, and vision benefits at this time.\n\n\nCorporate employees and management will receive temporary base salary reductions beginning with 20% and up to 50% for the CEO. The Board of Directors has also agreed to a substantial reduction in retainer fees aligned with management.\n\n\nSuspension of approximately $3 million in planned capital expenditures\n\n\nSignificant reduction in operating expenses\n\n\nCollaboration with vendor partners to adjust near-term supply chain as well as with its landlords\n\n\n\nAbout Christopher & Banks\n\n\nChristopher & Banks Corporation is a Minneapolis-based specialty retailer featuring exclusively designed privately brande...