Christopher & Banks’ stock trading suspended
Christopher & Banks is headed to the OTC Market Group’s Pink Market.
The women’s apparel retailer said on Thursday that the New York Stock Exchange has suspended trading of its stock, and will start proceedings to delist the stock because it has fallen below the NYSE’s listing standards. Christopher & Banks’ stock closed Wednesday at 35 cents and hasn’t closed above $1.00 since July 26.
Christopher & Banks expects to begin trading on Thursday on the Pink Market, operated by the OTC Markets Group under the symbol “CBKC.” The company also intends to apply to relist its common stock on a national exchange in the future once it meets its standards.
Based in Minneapolis, Christopher & Banks posted a net loss of $11.3 million, or 30 cents per share, for its fourth quarter, which ended Feb. 2, widening a loss of $8.8 million or 23 cents per share last year. Net sales fell 8.6% to $84.3 million.
The retailer, which operates 457 stores nationwide, has hired a national third-party real estate consulting firm specializing in lease restructuring to accelerate and increase occupancy cost savings. The chain, which has said it plans to close up to 40 stores by yearend, is looking for annualized savings of between $4 million and $7 million.
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