Investment firm urges Christopher & Banks to consider buyout offer - Bring Me The News

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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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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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.

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."