Do to economic hardships brought on by the corrupt politicians locking down the world, another clothing retailer, Christopher & Banks, are considering selling the company or filing bankruptcy.
The company has 450 stores across 44 states.
According to CEO Keri Jones, the company lost $10.8 million in its quarter ending in October 31st.
[The pandemic and economic shutdown have had an] outsize impact on our customer demographic as her shopping behavior is more pragmatic with limited demand for new outfits in the absence of social engagements.CEO Keri Jones
The company filed and received a $10 million PPP loan. They expect it to be entirely forgiven.
The company reported that they only had $1.2 million on hand.
They were delisted from the New York Stock Exchange in 2019, and are currently listed on the OTC Pink Market. On December 10th, the share price fell 50% to end at 14 cents.
AUTHOR COMMENTARY
It has been like this all year long. One business after another holding on for dear life to survive. This just is one of the countless millions that are finished and will not be coming back. But you did not see Wal-Mart, Amazon, Target, Costco, etc, shut their doors, did you?
Christopher & Banks buyout or bankruptcy coincides with recent statements made by Goldman Sachs, that businesses need more loans. Christopher & Banks already received $10 million, and now they need more. That shows you just how destructive these shutdowns have been.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
You are going to be mightily familiarized with this verse a lot here on The WinePress, because this verse is taking on a much greater precedence in these last days.
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