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Christopher & Banks cancels auction, names ALCC winning bidder
By Sarah Lizee
Olympia, Wash., Feb. 18 – Christopher & Banks Corp. canceled an auction for its assets scheduled for Feb. 19 and named stalking horse bidder and term loan administrative agent ALCC, LLC as winning bidder, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of New Jersey.
The purchase price under the stalking horse agreement includes the sum of the principal amount of the term loan payable to ALCC, amounts due on account of the vendor program, and all interest, fees and other amounts due, which collectively will be $8.1 million, as previously reported.
The purchase price also includes the debtors’ obligations for unused and accrued “paid time off” for e-commerce business employees, which is roughly $73,000; the debtors’ obligations for “IBNR” in an amount not to exceed $950,000; the company’s post-petition obligations to Radial as of the closing date, which are estimated to be $2.4 million; agent open purchase orders for additional agent goods to be sold through the e-commerce business post-closing; and cure costs associated with assumed contracts and leases in an amount to be mutually agreed upon by the company and the buyer.
The stalking horse agreement included a $350,000 expense reimbursement, as well as a $650,000 initial overbid amount plus the expense reimbursement amount, and minimum bid increments thereafter of $250,000.
A sale hearing is set to take place on Feb. 23.
Christopher & Banks is a Minneapolis-based specialty retailer featuring privately branded women’s apparel and accessories. The company filed Chapter 11 bankruptcy on Jan. 13 under case number 21-10269.
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