The workforce reduction impacted approximately 7% of the Company's corporate headquarters employees, excluding the distribution center, and approximately 13% of its store operations field management team. The Company is offering assistance to employees affected by the workforce reduction in the form of severance. In connection with the workforce reduction, the Company anticipates a reduction in annual expenses of approximately $2.2 million.
Additional details regarding the impact of these decisions will be provided as part of the Company's next quarterly earnings release, which is currently scheduled for December 22, 2011.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of November 11, 2011, the Company operates 761 stores in 45 states consisting of 472 Christopher & Banks stores, 238 stores in their plus size clothing division CJ Banks, 28 dual-concept stores and 23 outlet stores.
Christopher & Banks Corporation
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