Christopher & Banks files for bankruptcy, will close Peru location, 400 other stores

Patrons of the Peru Mall will soon have one less stop to make, as Christopher & Banks announced Thursday it has filed for voluntary petitions for relief under Chapter 11 of the Bankruptcy code.

According to the company’s official news release, it expects to close a significant portion, if not all, of its brick and mortar stores. The Peru location was listed along with 400 other locations to be closed.

President and CEO Keri Jones thanked those involved with the stores in Thursday’s announcement.

“I want to extend my deepest gratitude to our dedicated associates, loyal customers and supportive partners for their commitment to Christopher & Banks throughout these challenging times,” Jones said.

The company has launched a store closing and liquidation process and will continue to operate the business in the short term.

Christopher & Banks also said it 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.

Jones stated they have taken aggressive steps during the COVID-19 pandemic, but ultimately felt this decision was for the best.

“Despite our tremendous advancements we have made in executing our strategic plan, due to the financial stress resulting from the pandemic and its ongoing impact, we elected to initiate this process and pursue a potential sale of the business,” Jones said.

As of Jan. 13, 2021, the company operated 449 stores located in 44 states, consisting of 315 MPW stores, 76 Outlet stores, 31 Christopher & Banks stores and 28 stores in its women’s plus-size clothing division.