Christopher & Banks Laying Off 361 in Plymouth
The layoffs have started for Plymouth-based retailer Christopher & Banks Corp. A letter to the state of Minnesota details a total of 361 layoffs from its corporate headquarters and distribution center in Plymouth.
The company filed for bankruptcy on Jan. 13 and indicated that it expected to close a “significant portion, if not all” of its 449 stores across the U.S.
The company’s letter to the Minnesota Department of Employment and Economic Development is dated Jan. 12 but did not become public until Monday afternoon. According to the document, Christopher & Banks began laying off employees on Jan. 15.
The state’s summary, based on details provided by the company, indicated that layoffs would continue until early to mid-March.
Christopher & Banks, which specializes in women’s apparel, has been hit hard by the Covid-19 pandemic.
In its letter to DEED the retailer noted: “The company has experienced, and continues to experience, liquidity constraints as a result of the Covid-19 pandemic. Although the company has been attempting to attract new investors and financing to maintain its business operations, the company was unable to obtain the required capital, and the company’s current cash position is such that the company has insufficient funds to maintain its business operations.”
When Christopher & Banks announced its bankruptcy, it held out some hope that the company’s online platform could be acquired and survive.
Per the company: “The company is in active discussion with potential buyers for the sale of its eCommerce platform and related assets and expects to file the appropriate motion shortly.”