Braun's Fashions Announces Plans to Change Name to Christopher & Banks Corporation
Minneapolis, MN, May 24, 2000 - Braun's FashionsCorporation (Nasdaq: BFCI) today announced that its Board ofDirectors has authorized a change in the Company name fromBraun's Fashions Corporation to Christopher & BanksCorporation. The name change will be presented for approval atthe Annual Shareholder's meeting on July 26, 2000. If the namechange is approved by shareholders, the Company's new Nasdaqstock market ticker symbol will be "CHBS."
Bill Prange, Chairman and Chief Executive Officer ofBraun's commented, "We are very excited about the opportunityto identify our Company name more closely with the Christopher& Banks brand. Our stores exclusively feature Christopher &Banks merchandise, and part of our success is attributable tothe fact that our Christopher & Banks brand has gainedtremendous recognition and loyalty among our customer base."
Mr. Prange continued, "Last year, we opened 33 newChristopher & Banks stores and converted 23 existing Braun'sstores to the Christopher & Banks name. In our current fiscalyear, we plan to open approximately 35 new Christopher & Banksstores and we anticipate that additional remodels and namechanges will enable us to operate approximately 50% of our stores under the Christopher & Banks name by December 2000.By December 2002, we expect to convert substantially all theremaining Braun's stores to the Christopher & Banks name."
Mr. Prange concluded, "This is a very exciting time in thelife cycle of our Company, and our decision to change ourcorporate name highlights our strategy of further leveragingour brand equity to position the Company for future growth."
Braun's Fashions Corporation is a Minneapolis-basedspecialty retailer of women's clothing and accessoriesproviding exclusive fashions under the Christopher and Bankslabel. Presently, the Company has 241 stores operating in 27states, located primarily in the northern regions throughout theUnited States.
This release contains forward-looking statements regardingfuture performance of the Company. The achievement of suchresults is subject to certain risks and uncertainties,including changes in economic, market and weather conditions,the effect of consumer tastes and spending habits, therealization of expected economies gained through the use ofprivate label and direct import merchandise, management ofgrowth and other factors outside the Company's control,including factors discussed from time to time in the Company'sfilings with the Securities and Exchange Commission. Readersare cautioned not to place undue reliance on forward-lookingstatements, which reflect management's analysis only as of thedate hereof. The Company undertakes no obligation to updatethese forward-looking statements to reflect events orcircumstances that may arise after the date hereof.
CONTACT: Investor Relations: Shannon Moody/Natasha Boyden Media Relations: Michael McMullan/Ellen Paz Morgen-Walke Associates (212) 850-5600 APPROVED BY: Bill Prange Chairman and Chief Executive Officer (612) 551-5000