Christopher & Banks Corporation Announces the Resignation of Pete Michielutti, Its Chief Operating and Chief Financial Officer
June 29 2017 - 4:05PM
Business Wire
Christopher & Banks Corporation (NYSE:CBK), a specialty
women’s apparel retailer, announced today that Pete Michielutti,
Executive Vice President, Chief Operating Officer and Chief
Financial Officer has resigned effective July 14, 2017 to accept
another opportunity. The Company will be commencing a search for
his successor immediately.
Joel Waller, interim President and Chief Executive Officer
stated: “Pete has been a valuable member of the executive team, and
in the six months since I rejoined the Company has worked together
with the executive team to oversee and implement a number of key
system and process improvements which we believe are bearing fruit
and facilitating our turnaround.”
Kent Kleeberger, Chair of the Board of Directors stated: “On
behalf of the Board of Directors and the entire Company, we thank
Pete for his contributions and wish him success in his new
position. Speaking for the entire Board, we remain confident that
Joel and the executive team are on track as they continue to
position the Company for consistent and profitable growth over the
long term.”
Mr. Michielutti commented: “I want to thank Joel and everyone at
Christopher & Banks for all of their support over the last five
years and look forward to following their success in the
future.”
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based
national specialty retailer featuring exclusively designed
privately branded women’s apparel and accessories. As of June 29,
2017, the Company operates 473 stores in 45 states consisting of
320 MPW stores, 79 Outlet stores, 38 Christopher & Banks
stores, and 36 stores in its women’s plus size clothing division CJ
Banks. The Company also operates the www.ChristopherandBanks.com
eCommerce website.
Keywords: Christopher & Banks, CJ Banks, Women’s
Clothing, Plus Size Clothing, Petites, Extended Sizes, Outfits.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements, made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements may use the words “expect”,
“anticipate”, “plan”, “intend”, “project”, “believe”, “drive” “in
order to” and similar expressions and include the statements that:
(i) that the executive team have overseen and implemented a number
of key system and process improvements which the Company believes
are bearing fruit and facilitating its turnaround; and (ii) the
Board remains confident that Joel and the executive team are on
track as they continue to position the Company for consistent and
profitable growth over the long term.
These statements are based on the Company’s current expectations
and are subject to a number of uncertainties and risks, as well as
assumptions that, if they do not fully materialize or prove
incorrect, could cause the Company’s actual results to differ
materially from those expressed or implied by the forward-looking
statements. Important factors that could cause actual results to
differ materially from estimates or projections contained in the
forward-looking statements include, but are not limited to: (i) the
inherent difficulty in forecasting consumer buying and retail
traffic patterns which may be affected by factors beyond the
Company’s control, such as a weakness in overall consumer demand;
adverse weather, economic or political conditions; and shifts in
consumer tastes or spending habits that result in reduced sales or
gross margins; (ii) lack of acceptance of the Company’s fashions,
including its seasonal fashions; (iii) the ability of the Company’s
infrastructure and systems to adequately support its operations;
(iv) the effectiveness of the Company’s brand awareness, marketing
programs and efforts to enhance the in-store experience; (v) the
possibility that, because of poor customer response to the
Company’s merchandise, management may determine it is necessary to
sell merchandise at lower than expected margins or at a loss; (vi)
the failure to successfully implement the Company’s strategic and
tactical plans and initiatives; (vii) general economic conditions
could lead to a reduction in store traffic and in consumer spending
on women’s apparel; (viii) fluctuations in the levels of the
Company’s sales, expenses or earnings; and (ix) risks associated
with the performance and operations of the Company’s Internet
operations.
Readers are cautioned not to place undue reliance on these
forward-looking statements which are based on current expectations
and speak only as of the date of this release. The Company does not
assume any obligation to update or revise any forward-looking
statement at any time for any reason.
Certain other factors that may cause actual results to differ
from such forward-looking statements are included in the Company’s
periodic reports filed with the Securities and Exchange Commission
and available on the Company’s website under “For Investors” and
you are urged to carefully consider all such factors.
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version on businesswire.com: http://www.businesswire.com/news/home/20170629006208/en/
COMPANY:Christopher & Banks CorporationJoel Waller,
763-551-5000Interim President & Chief Executive
OfficerorINVESTOR RELATIONS:ICR, Inc.Jean Fontana/Megan Crudele,
646-277-1200