ALCC, LLC entered into Letter of Intent to acquire substantially all assets from Christopher & Banks Corporation (OTCPK:CBKC.Q) on January 25, 2021. ALCC, LLC entered into an Asset Purchase Agreement to acquire substantially all assets from Christopher & Banks Corporation (OTCPK:CBKC.Q) for approximately $24.6 million on January 28, 2021. The transaction will be settled through cash payment of $12.7 million and assumption of certain liabilities. Incase, Christopher sell these assets to one or more alternate buyers for a minimum all-cash purchase price that must be at least $1 million more than the purchase price established under the Agreement,in those circumstances, Christopher will reimburse ALCC up to $0.35 million for the expenses incurred. The transaction is subject to final approval by the United States Bankruptcy Court for the District of New Jersey. Christopher intends to request that the Bankruptcy Court schedule a hearing to approve any sale under the Agreement for late February. Michael D. Sirota and Roger M. Iorio of Cole Schotz, P.C. acted as legal advisor for Christopher. Steven E. Fox and Anthony B. Stumbo of Riemer & Braunstein LLP acted as legal advisor for ALCC. B. Riley Securities acted as a financial advisor in the transaction. ALCC, LLC completed the acquisition of substantially all assets from Christopher & Banks Corporation (OTCPK:CBKC.Q) on March 1, 2021. ALCC has designated iMedia Brands, Inc. as buyer designee, to assume certain of the assets and liabilities related to the operation of the business, while ALCC will retain the intellectual property assets and liabilities. The transaction was approved by the U.S. Bankruptcy Court.