Christopher & Banks Corporation Announces Purchase of Headquarters and Distribution Center Facility.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--May 9, 2001 Christopher & Banks Corporation (Nasdaq: CHBS), formerly Braun's Fashions Corporation, today reported that the Company has completed the purchase of its existing 210,000 square foot headquarters and distribution center facility in Plymouth, Minnesota Plymouth is a city in Hennepin County, Minnesota, United States. The population was 68,978 at the 2005 census, making it the seventh largest city in the state of Minnesota. Plymouth operates under a council-manager form of government. for $8.8 million in cash. After the purchase, the Company assumed a lease, which expires in June 2005 and will lease the entire facility to a third party. In turn, the Company will continue to lease back the facility and utilize approximately 100,000 square feet of the building. The Company also has two subtenants who currently use the remaining 110,000 square feet in the facility. Bill Prange, Chairman and Chief Executive Officer of Christopher & Banks commented, "We are pleased to have completed the purchase of our headquarters facility. Since we will be able to reclaim space as subleases expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. , the building will accommodate our planned growth over the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." Mr. Prange concluded, "In addition, when taking into account additional net rent payments received and offsetting such payments with increased depreciation and foregone fore·gone v. Past participle of forego1. adj. Having gone before; previous. Usage Note: The word foregone has recently developed a new meaning as a truncation of the phrase interest income, the Company anticipates the purchase will be accretive to net earnings by approximately $0.01 per share annually in each of the next four years." Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks label. Presently, the Company operates 304 stores in 29 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 |
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