Christopher & Banks Corp. has named a new president to a one-year term as the struggling women's apparel retailer works to turn around its business.
Veteran retailer Joel Waller has joined the Plymouth-based company as president. Waller, a former chairman and CEO of Wilsons Leather, which filed for bankruptcy in 2008 and sold its assets, has been working as a consultant. He'll report to Larry Barenbaum, a longtime board member who took over as the company's CEO last January.
Waller will focus primarily on merchandising, including product development, inventory, and planning & allocation, senior vice president Monica Dahl told the Star Tribune.
Christopher & Banks also said Wednesday that it expects to report an operating loss in its third quarter, and is suspending its quarterly dividend payment to preserve cash. Third-quarter margins are shrinking sharply, the company said, as it relies on higher promotions to drive sales, which have been flat.
Dahl said the retailer will continue holiday season promotions to reduce inventory.
"The season has been more promotional than we expected," Dahl said. "We're going to do whatever we can do to be fresh and bring in new goods."
The company releases third-quarter earnings Dec. 22.
Waller has his work cut out for him. Christopher & Banks is still struggling after a dreadful fiscal 2011, when the chain lost $22.17 million. It lost another $13 million last quarter, and announced last month that it will close about 100 stores by the end of January.
