UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.03 Bankruptcy or Receivership
On January 13, 2021, Christopher & Banks Corporation (together with its subsidiaries, the “Company”) filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (“Chapter 11”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”). The Company has requested joint administration of its Chapter 11 cases under the caption In re: Christopher & Banks Corporation, et. al., Case No. 21-10269.
The Company has filed customary motions with the Bankruptcy Court that will authorize, upon Bankruptcy Court approval, the Company’s ability to maintain operations in the ordinary course of business, including, among other things, the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business, and the use of cash collateral. These motions are typical in the Chapter 11 process and the Company anticipates that they will be approved shortly after the commencement of its Chapter 11 case.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On January 12, 2021, Richard Bundy tendered his resignation as Senior Vice President, Chief Financial Officer, of the Company, effective January 29, 2021. Mr. Bundy forfeited his entire award under the Key Employee Retention Plan (“KERP”).
(c) Effective January 29, 2021, Kara Johnson, age 40, will be promoted to Senior Vice President, Chief Financial Officer. Ms. Johnson was elected Vice President, Financial Planning & Analysis in July of 2020. She joined the Company in September 2016 as Director, Financial Planning & Analysis. Prior to joining the Company, Ms. Johnson held roles as Business Intelligence Manager for LEGO Group, Finance Manager for PetSmart, Inc. as well as Project Engineer for The Weitz Company. In connection with her promotion, Ms. Johnson’s base salary will be increased from $230,000 to $250,000.
Item 7.01 Regulation FD Disclosure
On January 14, 2021, the Company issued a press release announcing the filing of voluntary petitions for relief under Chapter 11. The press release is furnished as Exhibit 99.1 hereto.
The information, including Exhibit 99.1 hereto, the Company furnished under Item 7.01 of this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits: |
| 99.1 | Press Release dated January 14, 2021 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHRISTOPHER & BANKS CORPORATION | ||||
| Date: January 14, 2021 | By: | /s/ Richard Bundy | ||
| Richard Bundy | ||||
| Senior Vice President, Chief Financial Officer | ||||
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