iMedia Brands Acquiring Christopher & Banks Assets
TV shopping network to launch weekly C&B show.
Plymouth-based retailer Christopher & Banks Corp. is bankrupt, and its stores are closed, but the brand will live on under the wing of another local company: Eden Prairie-based iMedia Brands Inc.
The $24.6 million sale to ALCC closed yesterday according to a Wednesday SEC filing from Christopher & Banks. Per the filing, ALCC designated iMedia Brands as a buyer designee, which will assume certain assets and liabilities of the Christopher & Banks operation. ALCC retains the intellectual property assets and liabilities.
In a press release Wednesday iMedia Brands announced a “licensing partnership” with ReStore Capital LLC, another Hilco company, under which it will operate the Christopher & Banks business. ReStore Capital LLC defines itself as a “commercial finance and alternative investment firm providing capital solutions to leading retailers and consumer products companies.”