Christopher & Banks Corporation (NYSE: CBK) , today announced a realignment of senior management responsibilities within its C.J. Banks division.
Jules Rouse has been named Vice President & General Merchandise Manager of C.J. Banks, a newly created position. A member of the Christopher & Banks team since 1995, Jules was previously Merchandise Manager for several departments in the Christopher & Banks division. Under the new structure, all C.J. Banks buying and merchandising functions will report to Ms. Rouse.
Ralph Neal, who is Executive Vice President of Christopher & Banks in charge of store operations, will assume responsibility for store operations of C.J. Banks as well.
Tammy Boyd, former Division President for C.J. Banks, has left the Company.
Bill Prange, Chairman & Chief Executive Officer commented, "We are grateful for Tammy's contributions in helping to launch the C.J. Banks division and we wish her the best in her future endeavors. We are fortunate to already have in place within our organization the talent capable of continuing the positive performance and future growth of the large size extension of our Christopher & Banks brand."
Separation costs related to these management changes are expected to reduce second quarter earnings by approximately $0.01 per share.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels.
Presently, the Company operates 391 stores in 31 states, located primarily in the Northern half of the United States.
This release contains forward-looking statements regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.
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