Christopher & Banks Shakes Up Board Of Directors
Christopher & Banks is shaking up its board of directors after a year of slipping sales and revenue losses.
The Plymouth-based women’s clothing retailer entered into a “support agreement” with Macellum Capital Management, which owns just over 8 percent of the company, to nominate four new candidates to stand for election during the company’s stockholder meeting in June.
Candidates for the available seats include Macellum CEO Jonathan Duskin, private equity consultant Kent Kleeberger (who has previous experience at Chico’s and Dollar Tree) and retail and private equity consultant Laura Weil (formerly of New York & Company and Ann Taylor). The remaining candidate has yet to be named.
“The entire Christopher & Banks team remains committed to the successful execution of our strategic plans and looks forward to working collaboratively with our new directors to continue advancing [our] priorities and generating enhanced returns for all of the company’s stockholders,” CEO LuAnn Via said in a statement.
The has struggled for several years, in part due to declining foot traffic at shopping centers throughout the country. Via, who became CEO in late 2012, has been trying to right the ship. But 2015 was particularly bad, with sales tumbling 8 percent to $383 million and the company realizing a net loss of $49.1 million ($1.33 per share) compared with a profit of $47.1 million ($1.24 per share) in 2014.
Via will stand for reelection on the board as president. Also staying on is William Sharpe and board chair Lisa Wardell. Before the shakeup, the company had nine board seats, but it will reduce that number down to seven.