Women's clothes retailer will close 100 storesby Martin Moylan, Minnesota Public Radio
PLYMOUTH, Minn. — Christopher & Banks is closing 100 of its retail stores nationwide in a move that could cost as many as 1,000 people their jobs.
The women's apparel company has not identified which stores will close, but they will be closed by the end of January.
The retailer's sales fell five percent and the company lost $13 million for the quarter ending in August.
"There's no doubt that we feel the current economic uncertainty plays into our customers' appetite to spend with us. But we are and don't intend to blame the economy," said Monica Dahl, senior vice president with Christopher & Banks.
"We always know there are ways we can improve and do better. And we have identified several things we want to adjust. And we're taking action on that as quickly as we can."
Last month, the company's CEO said they had been too optimistic about the extent of price increases customers were willing to accept.
The retailer intends to convert or consolidate some of its 660 remaining stores into stores that offer a broader range of clothing sizes. Christopher & Banks' primary market is women over the age of 40.
In addition, the retailer is cutting about two dozen jobs at its headquarters and among regional managers.
Plymouth-based Christopher & Banks is closing about 100 of its retail stores across the country and cutting jobs.