Christopher & Banks, the 518-store women’s accoutrement chain, has retained a New York advance coffer to analyze a accessible sale, The Post has learned.
The Plymouth, Minn., aggregation — whose nameplates accommodate C.J. Banks and its signature Christopher & Banks cast — has assassin Perella Weinberg Partners, sources said.
The aggregation beneath to comment.
In April, Macellum Advisors, which holds a 5.2 percent pale in the company, wrote a analytical letter to the lath accusatory about its anemic blank and the company’s falling banal price.
Over the accomplished eight months, the company’s banal amount has collapsed about 50 percent from $11.22 a allotment to Friday’s aing at $5.76.
The company’s stores, mostly in malls in the Midwest, accept been trending bottomward in cardinal over the accomplished several years. In 2010, it operated 775 stores.
Macellum, in its letter to the board, complained that best of its admiral are “skewed appear Minneapolis-based business bodies who don’t accept the bartering accomplishments appropriate to lift the aggregation from its decline.”
Still Macellum is not waging a proxy battle.
The broker additionally takes affair with CEO LuAnn Via, who took over in 2012 and, according to Macellum, has fabricated poor choices in commodity purchasing.
She had ahead headed up Payless, which was awash to clandestine equity. Perella Weinberg handled the transaction.
Chistopher & Banks’ abiding affairs are good, according to Macellum, as it has few competitors in its alcove with the barring of Dress Barn and JCPenny, and it has loyal customers.
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