Christopher & Banks Corporation Announces New Credit Facility Package That Provides Additional Liquidity of $6-$8 Million to Support Growth Objectives

Christopher & Banks Corporation (OTC: CBKC), a specialty women’s apparel retailer, today announced the amendment of its Asset-Based Revolving Credit Facility and that it has entered into a Term Loan Credit Facility with an LLC of Angelo Gordon. The Company also announced in a separate press release preliminary sales results for the fourth quarter ended February 1, 2020.

The new credit facility package will provide incremental liquidity of $6-$8 million to support the company’s growth objectives.

Keri Jones, President and Chief Executive Officer, commented, “We are pleased to have completed these transactions. The new facility provides us with increased liquidity and financial flexibility to support our growth strategies as we continue to gain momentum in our turnaround strategy.”

Further details about the amendment to its existing Credit Facility and the Term Loan Credit Facility will be contained in a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (“SEC”).

About Christopher & Banks

Christopher & Banks Corporation is a Minneapolis-based specialty retailer featuring exclusively designed privately branded women’s apparel and accessories. As of February 27, 2020 the Company operates 445 stores in 44 states consisting of 309 MPW stores, 77 Outlet stores, 31 Christopher & Banks stores, and 28 stores in its women’s plus size clothing division CJ Banks. The Company also operates the www.ChristopherandBanks.com eCommerce website.

Contacts

COMPANY:

Richard Bundy
Senior Vice President, Chief Financial Officer
(763) 551-5000

INVESTOR RELATIONS:

Jean Fontana
ICR, Inc.
(646) 277-1214