The Plymouth, Minnesota-based Christopher & Banks Corporation (NYSE:CBK) rejected a $64 million unsolicited takeover bid from private equity company Aria Partners, and establish a takeover guard.
The company also adopted a shareholders’ rights arrangement, or poison pill, setting the trigger at 15%.
The operator of the Christopher & Banks and CJ Banks chains reported on Friday that Aria’s offer does not reflect the long-term value stockholders were projected to receive from the focus on the turnaround strategy.
Women’s clothing retailer corporation, who’s CEO Larry Barenbaum quit in February, has been attempting to lower costs and enhance profitability by ending underperforming stores as piece of its strategic plans.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Coldwater Creek Inc. (NASDAQ:CWTR) decreased -12.64% to settle at $0.46, New York & Company, Inc. (NYSE:NWY) moved down -1.08% to end at $3.68 while Limited Brands, Inc. (NYSE:LTD) plunged -0.65% to finish on Friday at $45.82.
Christopher & Banks Corporation (NYSE:CBK) last session volume of 325,453.00 shares was lower than its average volume of 559,504.00 shares. The stock after opening at $1.43 hit high price of $1.45 and then closed at $1.36 by scoring -8.72%.
CBK generated revenue of 382.59 million in the following twelve months and earned -$86.40 million. The Company showed a negative -22.57% in the net profit margin and as well as in its operating margin which remained -22.78%. Company’s annual sales growth for the past five year was -4.99%.
The CBK past twelve months price to sales ratio was 0.13 and price to cash ratio remained 1.76. As far as the returns are concern, the CBK return on equity was recorded as -71.70% and dropped -59.89% return on investment while its return on asset stayed at -46.98%.
The stock showed weekly upbeat performance of +20.35% which was maintained for the month at +29.52%. Likewise the negative performance for the quarter was recorded as -26.49% and for the year was -80.15% while the YTD performance remained at -41.88%.
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