Minneapolis / St. Paul Business Journal by , Web Producer Related: Banking & Financial Services, Commercial Real Estate, Retailing & Restaurants Wikimedia Commons, Steve Morgan Web Producer - Minneapolis / St. Paul Business Journal Email | Twitter | Facebook | LinkedIn Struggling Christopher & Banks Corp. Christopher & Banks Corp. Latest from The Business Journals Follow this company made another change at the top of its organization Tuesday. The women's apparel retailer said Chief Financial Officer Michael Lyftogt was returning to his previous position as chief accounting officer.
Christopher & Banks announced that Larry Barenbaum has resigned all of his positions with the company effective Feb. 17, 2012. In connection with Barenbaum's resignation as chief executive officer, the company's board of directors announced that Joel Waller, president, has been named chief executive officer.
Christopher & Banks has named Joel N. Waller as president for a one-year term, effective immediately. Waller is charged with revitalizing the business and putting the company back on track to profitability. He will report to Larry Barenbaum, CEO.
Minneapolis -- Christopher & Banks Corp. said Wednesday it has named Joel N. Waller as president for a one-year term, effective immediately. He will report to Larry Barenbaum, CEO. Waller, who is charged with revitalizing the business and putting the company back on track to profitability, was most recently a consultant to various retail companies, including AM Retail Group, Inc./Wilsons Leather. He served as CEO of Wet Seal from 2005 to 2008, and as chairman and CEO of Wilsons Leather before that.
Christopher & Banks will close approximately 100 of its 761 stores by the end of January 2012, and accelerate plans to convert or consolidate a number of its existing Christopher & Banks and CJ Banks stores into dual format stores in a bid to return to profitable operations. The specialty women's apparel retailer has posted net losses in four of the past five quarters. In Q2 2011, net sales of $96.2 million represented a 5% decrease from the same period the previous year, with comp store sales declining 8%. Announcing the store closings, CEO Larry Barenbaum outlined the retailer's
Dallas -- Alliance Data Systems Corp. said Thursday that it has signed a new long-term agreement to provide private-label credit card services for Christopher & Banks. Under terms of the agreement, Alliance Data will provide Christopher & Banks and CJ Banks with private-label credit card services, as well as beefed-up loyalty benefits. "For us, the Christopher & Banks and CJ Banks credit card program is a critical way to extend our brand recognition and create additional customer excitement around our new look and shopping experience,” said Larry Barenbaum, president and CEO, Christopher & Banks.