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Christopher & Banks extends store closure amidst Covid-19

Apr '20
Pic: Christopher & Banks Corporation
Pic: Christopher & Banks Corporation
Christopher & Banks Corporation, a specialty women’s apparel retailer, has announced a second business update related to Covid-19. The company has extended its temporary store closures until governing officials indicate it is safe to reopen. Also, employees have been working from home for the past two weeks will continue to do so until further notice.
“In response to the changing dynamics related to Covid-19, including prolonged store closures, we are taking proactive steps to conserve capital during this uncertain time. Over the past two years, we have developed and implemented numerous strategic initiatives to turnaround the business, which led to improved financial performance in the second half of fiscal 2019. The health and safety of our employees and customers remain a top priority and we are extremely grateful for the hard work and contributions of our entire team,” Keri Jones, president and chief executive officer, said in a press release.
The company announced that customers may continue to shop through the company’s ecommerce website at ChristopherandBanks.com. The company’s distribution center is running at limited capacity and in adherence with workplace safety, including social distancing and sanitation practices, recommended by the Centers for Disease Control and Prevention.
The company is also taking proactive measures to conserve capital during this period of disruption including: implementation of furloughs for all store associates and over 60 per cent of the remainder of its workforce. The employees on furlough will continue to receive employee benefits, including medical, dental, and vision benefits at this time; corporate employees and management will receive temporary base salary reductions beginning with 20 per cent and up to 50 per cent for the CEO. The board of directors has also agreed to a substantial reduction in retainer fees aligned with management; suspension of approximately $3 million in planned capital expenditures; significant reduction in operating expenses; and collaboration with vendor partners to adjust near-term supply chain as well as with its landlords. 

Fibre2Fashion News Desk (JL)

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