PLYMOUTH, Minn.–(BUSINESS WIRE)–Christopher & Banks Corporation (NYSE:CBK), a Minnesota-based retailer
of women’s apparel and accessories, today announced that in connection
with the previously announced Support Agreement with Macellum Capital
Management LLC (“Macellum”), the Company’s Board of Directors has agreed
to nominate Seth R. Johnson as the seventh nominee to stand for election
at the Company’s 2016 Annual Meeting of Stockholders (“2016 Annual
Meeting”). The other six nominees include incumbent directors Lisa
Wardell (Board Chair), LuAnn Via (President and Chief Executive
Officer), and William Sharpe, and new independent director candidates
Jonathan Duskin, Kent Kleeberger, and Laura Weil. The 2016 Annual
Meeting is scheduled for June 30, 2016.
“We are delighted that Seth has agreed to stand for Board election. We
look forward to leveraging his deep industry knowledge and unique
background as we work to build shareholder value,” said Ms. Wardell.
Ms. Via added, “I look forward to Seth’s input given his extensive
experience in the retail industry as both a public company executive and
board member. His 30 plus years’ of experience in the industry will
provide us with valuable insights as we continue to execute on our
strategic initiatives and drive long-term growth and profitability.”
Mr. Duskin, CEO and Portfolio Manager of Macellum commented, “Seth has a
broad range of industry experience and I am thrilled that he has agreed
to stand for election to the Christopher & Banks Board. I believe he
will be a great addition to the Board, providing valuable perspectives
to the management team as they continue to execute on their ongoing
initiatives to drive the business forward.”
About Seth R. Johnson
Mr. Johnson has served on the Board of Directors at bebe stores, inc.
since July 2014, as well as on the Board of Directors of Tilly’s, Inc.
since April 2011. Prior to that, Mr. Johnson served as a member of the
advisory committee to the Tilly’s board from July 2008 to April 2011. In
addition, he was Lead Director of True Religion Apparel, Inc. from 2010
to 2013. From 2007 to 2009, Mr. Johnson was an instructor in business
strategy at Chapman University’s Argyros School of Business and
Economics. From 2005 to 2006, Mr. Johnson served as the Chief Executive
Officer of Pacific Sunwear of California, Inc. In addition, he was the
Chief Operating Officer of Abercrombie & Fitch Co. from 1999 to 2004 and
Chief Financial Officer from 1992 to 1998. He holds an MBA from the
University of Chicago and a BA in Economics from Yale University.
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based specialty
retailer of women’s clothing. As of April 18, 2016, the Company operates
516 stores in 45 states consisting of 316 MPW stores, 81 Outlet stores,
63 Christopher & Banks stores, and 56 stores in its women’s plus size
clothing division, CJ Banks. The Company also operates the
http://www.ChristopherandBanks.com eCommerce website.
Keywords: Christopher & Banks, CJ Banks, Women’s Clothing, Plus
Size Clothing, Petites, Extended Sizes, Outfits.
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” and similar expressions.
These statements are based on management’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; (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.
Christopher & Banks Corporation
President and Chief Executive Officer
Jean Fontana, 203-682-8200