It’s getting tough for this American women’s retailer!
Christopher & Banks, which specialises in apparels for women who belong to the age group of 40 to 60, is now considering multiple survival strategies that include selling the firm or considering Chapter 11 bankruptcy.
The retailer’s sales have been hit badly owing to the pandemic, with the third quarter sales falling by around 23 per cent Y-o-Y to US $ 72.8 million.
Though sales numbers were better from what they were during the pandemic times, they aren’t good enough to survive.
The retailer has now issued a ‘going concern’ warning that it will be difficult for it to survive another year.
Christopher & Banks has, reportedly, said that it will also be looking at other alternatives like seeking concessions in rent from landlords in addition to cutting operational costs.
Though the retailer is putting efforts to raise liquidity, it said it will not reveal too many details until board approves a transaction.
As with many retailers, Christopher & Banks too saw its online sales go up by nearly 32 per cent during the third quarter compared to what it was during the same period last year.
Since its target customers are middle aged and older women, they now prefer to stay indoors and shop online – a reason for those good e-commerce numbers.
The retailer today has 450 stores across 44 US states.
