Christopher & Banks Reaches Agreement With Macellum; To Decrease Size Of Board

(RTTNews) - Christopher & Banks Corp. (CBK) said that it has entered into a Support Agreement with Macellum Capital Management LLC, which beneficially owns about 8.4% of the company's outstanding shares.

As per the Support deal, the Company's Board of Directors has agreed to nominate four new, independent director candidates to stand for election at the Company's 2016 Annual Meeting of Stockholders: Jonathan Duskin, Kent Kleeberger, Laura Weil and a mutually agreed upon fourth independent director. The 2016 Annual Meeting is tentatively scheduled for June 30, 2016.

The company announced that, commencing with the 2016 Annual Meeting, it will decrease the size of the Board from nine to seven directors.

Accordingly, Mark Cohn, Edwin Holman, Anne Jones, David Levin, Paul Snyder and Patricia Stensrud will not stand for re-election. Incumbent directors who will stand for re-election at the 2016 Annual Meeting are: Lisa Wardell, LuAnn Via and William Sharpe. Ms. Wardell will continue to serve as Chair of the Board and Ms. Via will continue to serve as President and Chief Executive Officer.