Christopher & Banks Corporation Announces Signing of Corporate Headquarters Sale-Leaseback Agreement
April 23 2018 - 6:30AM
Business Wire
Christopher & Banks Corporation (NYSE: CBK) today announced
that it has entered into a purchase agreement with a private,
unaffiliated investor group to sell and lease back its Plymouth, MN
corporate headquarters for a purchase price of $13.65 million. The
completion of the sale-leaseback transaction is subject to
customary closing conditions. The Company estimates that the net
expense impact in year one of the lease will be approximately
$300,000, including rent expense, net of depreciation expense and
the amortized gain on the sale.
Keri Jones, President and Chief Executive Officer, commented,
“We are pleased to announce the signing of a purchase agreement.
This sale-leaseback transaction, once completed, will provide
greater financial flexibility as we execute on our strategic
initiatives to drive improved performance.”
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 April 23,
2018, the Company operates 462 stores in 45 states consisting of
314 MPW stores, 79 Outlet stores, 36 Christopher & Banks
stores, and 33 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 may constitute
forward-looking statements, made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
which reflect our current views with respect to certain events that
could have an effect on our future performance. The forward-looking
statements relate to expectations concerning matters that are not
historical facts and may use the words “will”, "expect",
"anticipate", "plan", "intend", "project", "believe", “should”,
"drive" "in order to" and similar expressions. Except for
historical information, matters discussed in this press release or
on our earnings conference call may be considered forward-looking
statements.
These forward-looking statements are based largely on
information currently available to our management and our current
expectations, assumptions, plans, estimates, judgments and
projections about our business and our industry, 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 future performance and financial results to differ
materially from those expressed or implied by the forward-looking
statements. In particular, we cannot provide assurance that the
sale-leaseback transaction will be completed. In addition, even if
completed, we cannot provide assurance that it will enable us to
succeed on our strategy of driving improved performance. We cannot
guarantee the accuracy of these forward-looking statements or our
future performance, and there are a number of known and unknown
risks, uncertainties, contingencies, and other factors (many of
which are outside our control) that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Accordingly, there is no assurance that
our expectations will, in fact, be achieved or that our estimates
or assumptions will be correct, and we caution investors and all
others not to place undue reliance on such 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, those
factors described in Item 1A, “Risk Factors” and in the
“Forward-Looking Statements” disclosure in “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of our latest annual report on Form 10-K. All
forward-looking statements that are made or attributable to us are
expressly qualified in their entirety by this cautionary notice.
The Company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes
make it clear that projected results expressed or implied in such
statements will not be realized.
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Christopher & Banks CorporationMarc Ungerman,
763-551-5000Interim Chief Financial Officer andVice President,
ControllerorInvestor Relations:ICR, Inc.Jean Fontana,
646-277-1214