Christopher & Banks rejects acquisition proposal of Aria

At such time, each right will entitle the stockholder (other than the acquiring person) to purchase shares of the Company's preferred stock or, in some circumstances, shares of the acquiring person's senior voting stock (as defined in the Plan), having a value equal to twice the exercise price of the right (initially, $8.25 per right).

The Board has also adopted a Management Retention Plan for key members of management to allow them to remain fully engaged on the Company's turnaround strategy and focused on driving improved performance at the Company for the benefit of the Company's stockholders.

Additional details regarding the rights plan and the retention plan, including copies of each plan, will be outlined in the Company's filings with the Securities and Exchange Commission. These filings will be available on the SEC's website at www.sec.gov. In addition, the Company will make available to its stockholders, upon request and at no charge to them, a "Summary of the Rights" (a copy of which will also be filed with the SEC) that describes the material terms of the rights plan.

Piper Jaffray & Co. is acting as financial advisor and Dorsey & Whitney LLP is acting as legal advisor.

Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of July 5, 2012, the Company operates 658 stores in 44 states consisting of 389 Christopher & Banks stores, 179 stores in their women's plus size clothing division CJ Banks, 65 dual stores and 25 outlet stores.

Christopher & Banks Corporation