Christopher & Banks Corporation Announces Election to Redeem All of Its Outstanding 12% Senior Notes.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 8, 2001 Christopher & Banks Corporation (Nasdaq: CHBS), formerly Braun's Fashions Corporation, today announced that the Company has elected to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. all $5.3 million current face value of its outstanding 12% Senior Notes due 2005. The redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. has been established as December 10, 2001. Bill Prange, Chairman and Chief Executive Officer commented, "Our strong cash position has given us the ability to retire our 12% Senior Notes three years in advance of the due date. Following the redemption, the Company will have no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Based on current interest rates, the Company anticipates the retirement of debt to be accretive to net earnings by at least $0.01 per share annually in each of the next three years." Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels. Presently, the Company operates 350 stores in 30 states, located primarily in the northern half of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date hereof. For more information on Christopher & Banks Corporation, visit our website at www.christopherandbanks.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion