Minneapolis-based specialty women’s apparel retailer Christopher & Banks Corporation (CBKC) recently announced it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in a court in New Jersey district. The company’s customary motions will authorise upon court approval its ability to maintain operations in the ordinary course of business.
The operations include payment of employee wages and benefits without interruption, payment of suppliers and vendors and the use of cash collateral.US specialty women's apparel retailer Christopher & Banks Corporation (CBKC) recently announced it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in a court in New Jersey district. The company's customary motions will authorise upon court approval its ability to maintain operations in the ordinary course of business.#
These motions are typical in the Chapter 11 process and the company anticipates that they will be approved shortly after the commencement of its Chapter 11 case, it said in a press release.
The company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, it has launched a store closing and liquidation process.
It is in active discussion with potential buyers for the sale of its e-commerce platform and related assets and expects to file the appropriate motion shortly.
Fibre2Fashion News Desk (DS)
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