Posted on Tuesday, January 26th, 2021 at 7:00 am
Christopher & Banks is a women’s apparel retailer. It has filed for bankruptcy and has already begun taking steps to close all of its 450 stores. The company is based in Plymouth, Minnesota.
Christopher & Banks decision was due to debt issues and pandemic disruptions. It relied heavily on foot traffic to bring people to its stores. The foot-traffic has decreased in recently due to competition from big-box retailers, rising online sales, and changing customer preferences.
In a news release, Christopher & Banks stated that they expect to close a significant portion, if not all of its brick-and-mortar stores. It is also seeking potential buyers for the sale of its eCommerce platform and related assets.
This may be sad news for fans of Christopher & Banks. There is a bright side, however. If the company sells its eCommerce platform, it could mean that the company that buys it might sell continue to sell some Christopher & Banks products.
When a store announces that it is filing for bankruptcy, it is an opportunity for consumers to save money on the sales that are offered. Right now, Christopher & Banks has a limited-time “take an extra 10% off entire site” sale on its website. There is also a 40% sale on new arrivals, and an online-only semi-annual clearance sale starting at $10.
Those who have a Christopher & Banks gift card should make an effort to use it soon. Stores that file for bankruptcy may decided to abruptly stop accepting their gift cards. This is especially true after they find another company that wants to purchase their assets.
Is there a Christopher & Banks store near you? Now might be a good time to stock up on clothing that you can wear while doing online meetings. Call the store first to make sure they are still open.