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 comp
Christopher & Banks Closing All Stores Including Miller Hill Mall
Women s clothing retailer Christopher & Banks will close its Miller Hill Mall store and over 400 stores nationwide by March.
Christopher & Banks is headquartered in Plymouth, MN and will lay off over 350 people at its main office as it works to close permanently after they filled for Chapter 11 bankruptcy earlier this month.
Christopher & Banks Corp. submitted a WARN letter to the state on Minnesota early in January and in it CEO Kari Jones wrote, Although the Company has been attempting to attract new investors and financing to maintain its business operations, the Company was unable to obtain the required capital, and the Company’s current cash position is such that the Company has insufficient funds to maintain its business operations.”
Last week, we reported that Lee s Hallmark in the Kirkwood Mall will be closing at the end of the month. Then, when I was at the mall this past weekend, I saw that the CBD store in between Bath and Body Works and Torrid had closed down and been replaced by a popup shop - which was super quick because the CBD shop was open last week. But now, Christopher & Banks in the Kirkwood Mall is going out of business, too.
According to the
Wall Street Journal, Christopher & Banks Corp. has filed for bankruptcy while taking steps to close all of the company s roughly 450 stores, the latest retailer planning to shut down for good over debt issues and pandemic disruptions. The