On March 10, 2016, Christopher & Banks Corporation entered into a Support Agreement with Macellum Capital Management, LLC and certain affiliates thereof. Macellum beneficially owns approximately 8.4% of the outstanding common stock of the company. Pursuant to the Agreement, the company has agreed to cause the Board of Directors of the company to reduce the size of the Board to seven members as of the date of the 2016 Annual Meeting of Shareholders.

The company announced that effective as of the 2016 Annual Meeting, the following members of the Board of Directors will not be standing for re-election: Mark Cohn, Edwin Holman, Anne Jones, David Levin, Paul Snyder and Patricia Stensrud.