Thursday, Christopher & Banks Corp.(CBK) said it plans to exit its Acorn division operations by the end of this year, after an internal review determined that the concept lacks the potential to deliver an acceptable long-term return on investment.
Following the review, the company's board authorized plans to close the division's 36 Acorn stores in 14 states. The company will hereafter focus on its two core brands, Christopher & Banks and C.J. Banks and other value-creating growth initiatives.
The closures will impact about 80 full-time and 200 part-time positions, representing about 4% of the company's total workforce.
In connection with the closure, the company anticipates post-tax charges of about $4.2 million to $6.0 million, or $0.12 to $0.17 per share. The charges will be spread over the second, third and fourth quarters of fiscal 2009.
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