iMedia Leverages ShopHQ to Accelerate Relaunch of Christopher & Banks
June 24 2021 - 5:00AM
iMedia Brands, Inc. (“iMedia”) (Nasdaq: IMBI) announces its
milestone progress in leveraging ShopHQ to accelerate the relaunch
of the iconic 65-year-old Christopher & Banks brand (“CBK”) in
the United States.
CBK (christopherandbanks.com) was founded in
1956 and is a brand that specializes in offering women’s
value-priced apparel and accessories that cater to women of all
sizes, from petite to missy to plus sizes. Its internally designed,
modern and comfortable apparel and accessories provide customers
with an exclusive experience. For fiscal 2019, CBK reported
approximately $349 million in revenue, with approximately $79
million in digital-only revenue and approximately $269 million in
brick-and-mortar retail and other revenue. For fiscal 2020, CBK
reported approximately $171 million in revenue in the first nine
months.
“Less than four months ago iMedia acquired this
amazing brand that has over 1.5 million passionate and loyal
customers,” said Tim Peterman, iMedia’s CEO. “I’m excited to report
that our progress on the integration and relaunch of CBK has been
swift and meaningful:
- On April 2nd, ShopHQ successfully
transitioned the CBK digital business off its legacy third-party
ecommerce platform and off its legacy third-party 3PL service and
onto ShopHQ’s proprietary ecommerce platform fulfilled by its own
600,000+ sq. ft. fulfillment center in Bowling Green, KY.
- On April 14th, CBK’s merchandising
team introduced new merchandise to christopherandbanks.com, which
were the first new products offered to the 1.5+ million CBK
customers since iMedia took-over operations.
- On May 14th, ShopHQ premiered its
first CBK television show, entitled Christopher & Banks. Kim
Decker, who has worked at CBK for over 40 years, is the brand’s
On-Air Ambassador. CBK’s debut offered over 40 unique and exclusive
items and the show performed better than ShopHQ expectations.
- On May 22nd, CBK reopened its
retail store located in Coon Rapids, MN, which is being managed by
a CBK store manager with seven plus years tenure with CBK. On May
25th, CBK reopened its Branson, MO retail store, which is being
managed by a CBK store manager with eleven plus years tenure with
CBK.
- On May 27th, CBK completed its fall
2021 production slate by partnering with both legacy CBK vendors
and current ShopHQ vendors to ensure delivery of fresh, exclusively
designed, seasonally appropriate products this fall and holiday
season. CBK merchandising, led by Desica Harms who has more than 21
years tenure with the CBK brand, worked seamlessly with CBK
production led by Amelia Hultman, who has 15+ years of production
expertise with the CBK brand. I cannot say enough about how
important these two leaders’ efforts and expertise were to CBK
accomplishing this critical milestone.
“Based on our above achievements,” continued Peterman, “along
with our continued customer reactivation progress and our future
planned growth initiatives, we are more excited than ever about the
CBK opportunity.”
About iMedia Brands, Inc.iMedia
Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company
that owns a growing portfolio of lifestyle television networks,
consumer brands, online marketplaces and media commerce services
that together position the Company as a leading single-source
partner to television advertisers and consumer brands seeking to
entertain and transact with customers using interactive video.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995This release
contains statements, estimates, projections, guidance, or outlooks
that constitute “forward-looking” statements as defined under U.S.
federal securities laws. Generally, the words “believe,” “ensure,”
“expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,”
“should” and similar expressions identify forward-looking
statements, which generally are not historical in nature. These
statements may contain information about our prospects, including
anticipated growth and benefits of the integration and relaunch of
CBK, and involve risks and uncertainties. These statements are
based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially due to various important factors, including (but not
limited to): variability in consumer preferences, shopping
behaviors, spending and debt levels; the general economic and
credit environment, including COVID-19; interest rates; seasonal
variations in consumer purchasing activities; the ability to
achieve the most effective product category mixes to maximize sales
and margin objectives; competitive pressures on sales and sales
promotions; pricing and gross sales margins; the ability to respond
to changes in consumer shopping patterns and preferences, and
changes in technology and consumer viewing patterns; the Company’s
ability to attract new customers and retain existing customers;
changes in shipping costs; the Company’s ability to offer new or
innovative products and customer acceptance of the same; and the
risks identified under Item 1A(Risk Factors) in the Company’s most
recently filed Form 10-K and any additional risk factors identified
in its periodic reports since the date of such Form 10-K. Investors
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.
the Company’s is under no obligation (and expressly disclaim any
such obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Contacts:
Media:press@imediabrands.com(800) 938-9707
Investors:Gateway Investor
RelationsCody SlachIMBI@gatewayir.com(949) 574-3860
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