Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 2, 2021, Christopher & Banks Corporation (together with its
subsidiaries, the "Company") closed on the sale of all or substantially all of
the assets used in the conduct of its business, including its retail store
business and its e-Commerce business, to ALCC, LLC ("ALCC"). Pursuant to the
terms of the previously disclosed Asset Purchase Agreement, which was filed on a
Current Report on Form 8-K on February 1, 2021, ALCC has designated iMedia
Brands, Inc. ("iMedia") as a 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 Company values the consideration provided under the Asset Purchase Agreement
at approximately $24.6 million, which includes the assumption of certain
liabilities and, to the extent cash on hand is not sufficient to satisfy certain
budgeted wind down expenses, a closing cash payment subject to adjustments.
ALCC, an affiliate of Hilco Merchant Resources, is the lender under the
Company's term loan facility and the program agent under the Company's secured
vendor program.
On January 28, 2021, the Company entered into the Asset Purchase Agreement with
ALCC, subject to higher and better offers. No other parties submitted a bid for
the assets, and as a result, ALCC held the winning bid for the sale of the
assets described above. The auction was canceled. The Asset Purchase Agreement
was approved by the Bankruptcy Court on February 23, 2021.
On January 28, 2021, the Company, after a bankruptcy auction, entered into the
Asset Purchase Agreement with ALCC as the winning bidder at such auction, for
the sale of the assets described above. The Asset Purchase Agreement was
approved by the Bankruptcy Court on February 23, 2021.
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CHRISTOPHER & BANKS CORPORATION 
