Christopher & Banks

Last updated
Christopher & Banks
Company type Private
IndustryRetail
Founded1956;68 years ago (1956)
FounderGil Braun
Headquarters
Plymouth, Minnesota
,
United States
Number of locations
451 (February 2020)
5 (January 2022)
ProductsWomen's clothing
Owner
  • iMedia Brands, Inc. (2021–present)
Parent
  • IV Media, LLC (2023–present) (Innovation Ventures, LLC)
Divisions CJ Banks (Plus Size)
Website https://www.christopherandbanks.com/
A Christopher & Banks store at a mall in Oregon Christopher & Banks store - Hillsboro, Oregon.jpg
A Christopher & Banks store at a mall in Oregon

Christopher & Banks is an American retail company. Originally headquartered in the Minneapolis suburb of Plymouth, Minnesota, the chain specializes in women's clothing for the age 40-60 demographic. [1]

Contents

After filing for bankruptcy in January 2021 and closing all of its stores due to financial loss from the COVID-19 pandemic, it had its assets and intellectual property acquired by iMedia Brands, Inc., [2] currently operating with online retail and five brick-and-mortar-kill locations. [3]

On August 16, 2023, Christopher & Banks was included among its parent company's assets sold for $55 million to IV Media, a subsidiary of Innovation Ventures, LLC. [4]

History

Founded in 1956 as Braun's Fashions in Minneapolis, the chain became a public trade company in 1992. After being re-branded Christopher & Banks in 2000, [5] it founded a second brand, CJ Banks, which is a plus-size clothing store. [6]

In November 2004, Christopher & Banks acquired Acorn Stores and operated that chain as a third retail concept. [7] After reporting its intent on July 31, 2008, it closed all 36 Acorn stores by the end of the year. [8]

On April 4, 2005, the company restated its consolidated statements of income for the fiscal years ended March 1, 2003 and February 28, 2004, as well as for interim periods within the fiscal year ended February 26, 2005, to present the amortization of construction allowances as a reduction of rent expense instead of a reduction of depreciation expense. [9]

In 2014, the company began phasing out CJ Banks stores, and combining the plus-size lines into Christopher & Banks stores. In cases where such stores were adjacent, the stores were combined into one larger store. [10]

In January 2021, the company announced that it filed for bankruptcy and would be closing all stores due to financial loss from the ongoing the COVID-19 pandemic. [11] A vast majority of these stores have either been replaced with other retailers, particularly Daily Thread. [12]

Following bankruptcy, the brand was relaunched under the ownership of Minnesota-based iMedia Brands. As of January 2022, five locations have been opened, with stores in Coon Rapids, Minnesota, Branson, Missouri, Fort Wayne, Indiana, Greensburg, Pennsylvania, and Canton, Ohio. [13]

On June 28, 2023, iMedia Brands filed for Chapter 11 bankruptcy, making the Plymouth-based chain through bankruptcy for the second time in two years. [14] On August 16, Christopher & Banks was among IMBI's assets sold for $55 million to IV Media.

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References

  1. ↑ "Christopher and Banks Corporation Investor Relations". Archived from the original on 2012-07-12. Retrieved 2012-06-27.
  2. ↑ "IMedia Brands Acquiring Christopher & Banks Assets". 3 March 2021.
  3. ↑ "Christopher & Banks | cjbanks - Store Openings". Archived from the original on 2022-01-24. Retrieved 2022-01-24.
  4. ↑ "iMedia Brands Completes Successful Transaction for Asset Sale to IV Media, LLC". Business Wire (Press release). 16 August 2023. Retrieved 2023-09-07.
  5. ↑ Moore, Janet (2000-05-25). "Braun's seeks to don new name". The Star-Tribune. Archived from the original on 2012-11-06. Retrieved 2009-02-26.
  6. ↑ "Christopher & Banks history". Christopher & Banks. Archived from the original on 2009-03-02. Retrieved 2009-02-26.
  7. ↑ "Christopher & Banks Corp. completed its acquisition of Acorn stores from Gilmore Bros". Christopher & Banks. 2004-12-01. Retrieved 2010-09-01.
  8. ↑ "Acorn". Christopher & Banks. Archived from the original on 2010-09-09. Retrieved 2010-09-01.
  9. ↑ "EXHIBIT 99 - Additional Exhibit CHRISTOPHER & BANKS CORP".
  10. ↑ Hammerand, Jim (Oct 2, 2014). "Christopher & Banks continues store closings, openings to bring all sizes under one roof". bizjournals.com. Minneapolis / St. Paul Business Journal. Archived from the original on 2014-10-15. Retrieved 2019-09-29.
  11. ↑ Valinsky, Jordan (2021-01-14). "Christopher & Banks is going out of business". CNN .
  12. ↑ "Daily Thread opens at Great Lakes Mall". The News-Herald. July 16, 2022. Retrieved August 23, 2023.
  13. ↑ "Christopher & Banks | cjbanks - Store Openings". Archived from the original on 2022-01-24. Retrieved 2022-01-24.
  14. ↑ "iMedia Brands Files for Chapter 11 Bankruptcy in Delaware". Bloomberg Law. June 28, 2023. Retrieved June 28, 2023.
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