Christopher & Banks board member withdraws name

For about three hours the morning of April 4 it looked like Christopher & Banks had found itself a new board member, but then the company discovered a conflict that prevented the high level executive from accepting the nomination.



At 6:30 a.m. on April 4, specialty apparel retailer Christopher & Banks announced that Bruce Klatsky, the retired CEO of global apparel and footwear giant PVH corp. would stand for election at the company’s annual meeting. Then at 9:28 a.m., the company issued separate statement indicating that Klatsky had withdrawn his name as a director nominee, “due to a conflict discovered early this morning that will prevent him from serving on the board of directors.” The company did not elaborate on the nature of the conflict.



Klatsky was set to become the seventh board member for the company which operates 514 stores as part of a complete overhaul of the board resulting from an agreement reached with Macellum Capital Management, owner of 8.4% of the company’s shares. The agreement with Macellum, announced on March 10, called for a reduction in the board to seven from nine members and gave the investment firm the ability to nominate four new independent directors for election at the retailer’s annual meeting on June 30.