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Christopher & Banks closing 100 stores, 2 in Minnesota

The company says it will be closing its Albert Lea and merging its two locations in Roseville into one. Weak sales forced the women's clothing retailer to cut about 20 percent of its staff earlier this month.
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The company says it will be closing its Albert Lea and merging its two locations in Roseville into one. Weak sales forced the women's clothing retailer to cut about 20 percent of its staff earlier this month.

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Related

Christopher & Banks closing 100 stores

The women's clothing company based in Plymouth says it plans to close the stores by the end of January and will also lay off employees at its corporate office.

Christopher & Banks rejects buyout

Aria Partners last Tuesday offered to buy Christopher & Banks for $1.75 per share, 51 percent more than the Plymouth-based company's stock closing price. The company rejected the deal Friday, suggesting that the "proposal does not reflect the full, long-term value stockholders are expected to receive from continued focus on the current strategy."

Christopher & Banks hires new CEO

Christopher & Banks has named veteran retail executive LuAnn Via to be its new president and chief executive officer, the Pioneer Press reports. Via was most recently the CEO of Payless Shoes. She will start her new role with the women's apparel company on Nov. 26. Via replaces Joel Waller, who took over when Larry Barenbaum left the struggling Plymouth-based retailer in February.

American Bank closing 2 more branches

American Bank of St. Paul, one of the Twin Cities’ riskiest lenders in recent years, has shuttered a second branch this year and plans to close another, the Business Journal reports. American Bank closed its Highland branch this month and plans to close its Phalen branch in St. Paul next month. The bank has been under heightened regulatory scrutiny since the Federal Reserve ordered it to improve its loose lending standards in 2009.

Investment firm urges Christopher & Banks to consider buyout offer

Boston-based Aria Partners, which owns 4 percent of the struggling Plymouth-based women's clothing retailer, has agreed to buy the company for $1.75 per share. Christopher & Banks “immediately dismissed” an offer Aria made last month.

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The FDIC shutdown Patriot Bank in Forest Lake Friday. First Resource Bank in Savage agreed to take over the assets and deposits from the failed Minnesota bank. There have been seven U.S. bank failures in 2012. Patriot Bank is the first to fail in Minnesota this year.

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Christopher & Banks closing stores for good, laying off 361 people at Plymouth facility

The layoffs began earlier this month and will continue through March.