Christopher & Banks CEO Leaves, Interim Named
Women's clothing retailer Christopher & Banks Corporation said Tuesday that CEO Lorna Nagler has resigned all positions within the company, effective immediately.
Larry Barenbaum, chairman of the company's board, will temporarily replace Nagler, who left “to pursue other interests.”
Minneapolis-based Christopher & Banks didn't reveal further details about Nagler's departure, but the company has struggled in recent years amid tightened consumer spending prompted by the recession. It reported a $2.5 million loss on revenue of $101.3 million during the most recent quarter, which ended in August. During the most recent fiscal year, which ended in February, Christopher & Banks posted a $158,000 loss on $455.4 million. Since 2006, when shares of the company's stock were close to $30, they have slowly declined in value, closing Thursday at $6.77.
Nagler, 53, joined the company in August 2007 after having served in management roles at Charming Shoppes, Inc., Kmart Corporation, and Kids R Us.
“The board appreciates Lorna Nagler's hard work to improve the company's operations and infrastructure, reduce costs, and build our brands during her tenure with the company,” Barenbaum said in a statement. “With her efforts, we have made progress reducing our cost structure and we became, for the first time, a company with true e-commerce capabilities. We wish her the best in her next endeavor.”
Christopher & Banks said that Barenbaum will continue in his role as chairman and will oversee the company's day-to-day operations while a search for a permanent CEO is underway.
Barenbaum has more than 25 years of experience in the retail industry. He previously owned and operated an import manufacturing and design company focusing on the fashion and retail industryu and served as a consultant to the special retail and services industry.
In addition to announcing the news about Nagler's departure, the company announced that, effective immediately, Executive Vice President and Chief Merchandise Officer Susan Connell is no longer employed by Christopher & Banks. Jules Rouse, meanwhile, has been named senior vice president and general merchandise manager.
Christopher & Banks operates 789 stores in 46 states and offers its apparel on two Web sites.