Christopher & Banks

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Christopher & Banks
TypePrivate
IndustryRetail
Founded1956
FounderGil Braun
Headquarters
Plymouth, Minnesota
,
United States
Number of locations
451 (February 2020)
5 (January 2022)
ProductsWomen's clothing
ParentiMedia Brands, Inc.
DivisionsCJ Banks (Plus Size)
Websitehttps://www.christopherandbanks.com/
A Christopher & Banks store at a mall in Oregon

Christopher & Banks is an American retail company. Originally headquartered in the Minneapolis suburb of Plymouth, Minnesota, it specializes in women's clothing for the age 40-60 demographic.[1] In January 2021, the company filed for bankruptcy and closed all stores due to financial loss from the ongoing COVID-19 pandemic. Following the bankruptcy and closures, Christopher & Banks' assets and intellectual property were acquired by Eden Prairie-based iMedia Brands.[2] Since the acquisition, online retail for the company has resumed, as well as five brick-and-mortar locations.[3]

History

The chain was founded in 1956 as Braun's Fashions in Minneapolis. It became a publicly traded company in 1992, and was re-branded as Christopher & Banks in 2000.[4] Also in 2000, the chain founded a second brand, CJ Banks, which is a plus-size clothing store.[5]

In November 2004 Christopher & Banks acquired the Acorn Stores chain and operated it as a third retail concept.[6] Christopher & Banks announced on July 31, 2008, that they intended to close Acorn and followed through with this plan, closing all 36 Acorn stores by the end of the year.[7]

On April 4, 2005, The Company restated its consolidated statements of income for the fiscal years ended March 1, 2003 and February 28, 2004, as well as for interim periods within the fiscal year ended February 26, 2005, to present the amortization of construction allowances as a reduction of rent expense instead of a reduction of depreciation expense.[8]

In 2014, the company began phasing out CJ Banks stores, and combining the plus-size lines into Christopher & Banks stores. In cases where such stores were adjacent, the stores were combined into one larger store.[9]

In January 2021, the company announced that it filed for bankruptcy and would be closing all stores due to financial loss from the ongoing the COVID-19 pandemic.[10]

Following the bankruptcy, the brand has been relaunched under the ownership of Minnesota-based iMedia Brands. As of January 2022, five locations have been opened, with stores in Coon Rapids, Minnesota, Branson, Missouri, Fort Wayne, Indiana, Greensburg, Pennsylvania, and Canton, Ohio. [11]

References

  1. ^ Christopher and Banks Corporation Investor Relations
  2. ^ "IMedia Brands Acquiring Christopher & Banks Assets". 3 March 2021.
  3. ^ "Christopher & Banks | cjbanks - Store Openings".
  4. ^ Moore, Janet (2000-05-25). "Braun's seeks to don new name". The Star-Tribune. Archived from the original on 2012-11-06. Retrieved 2009-02-26.
  5. ^ "Christopher & Banks history". Christopher & Banks. Archived from the original on 2009-03-02. Retrieved 2009-02-26.
  6. ^ "Christopher & Banks Corp. completed its acquisition of Acorn stores from Gilmore Bros". Christopher & Banks. 2004-12-01. Retrieved 2010-09-01.
  7. ^ "Acorn". Christopher & Banks. Archived from the original on 2010-09-09. Retrieved 2010-09-01.
  8. ^ "EXHIBIT 99 - Additional Exhibit CHRISTOPHER & BANKS CORP".
  9. ^ Hammerand, Jim (Oct 2, 2014). "Christopher & Banks continues store closings, openings to bring all sizes under one roof". bizjournals.com. Minneapolis / St. Paul Business Journal. Archived from the original on 2014-10-15. Retrieved 2019-09-29.
  10. ^ Valinsky, Jordan (2021-01-14). "Christopher & Banks is going out of business". CNN.
  11. ^ "Christopher & Banks | cjbanks - Store Openings".
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