Christopher & Banks, like many retailers nationwide, has closed its stores through the end of the month as more people are sheltering in place because of the coronavirus pandemic.
Plymouth-based Christopher & Banks closes stores, withdraws financial guidance
The women's clothing chain had been in the middle of a turnaround effort that had been showing positive results.
March 20, 2020 at 3:00PM
The Plymouth-based women's clothing chain continues to operate its online store.
"We have decided to temporarily close our stores following guidance from global help professionals and local governments," said CEO Keri Jones. "We feel strongly that the actions taken today are necessary in order to help protect the well-being of our team members, customers, and communities."
The company, she said, will continue to monitor the situation.
In the meantime, it also withdrew the financial forecast for this fiscal year issued earlier this month "due to the fast-moving nature and uncertainty of the impacts of COVID-19."
A week and a half ago, after positive fourth-quarter results, Christopher & Banks had issued one of its best forecasts in recent years.
It predicted same-store revenue growth in the low single dits, and that it would be break-even or $5 million in the black by the end of this fiscal year with positive cash flow.
The chain, under new leadership, is in the middle of a turnaround plan. It had reported a fourth quarter loss of $5.1 million, improved from the $6.2 million loss in the same period of the prior year.
Catherine Roberts • 612-673-4292
The governor said it may be 2027 or 2028 by the time the market catches up to demand.
