DOW JONES NEWSWIRES 
 

Christopher & Banks Corp. (CBK) announced Monday it would reduce staff at its corporate headquarters by 24 positions, or 11%, in the struggling women's clothing retailer's second round of job cuts this month.

Earlier in February, Christopher & Banks shed 30 field-management operations to streamline its two brands. That reduction is expected to save the company about $2 million in the fiscal year starting March 1, after a restructuring charge of about $400,000. The company said Monday the latest round would result in a nearly $325,000 charge for the current quarter but result in annual savings "greatly" above that.

Christopher & Banks has been in the process of reducing costs to save more than $15 million in the upcoming fiscal year, following steps made by companies across the economy to pare costs amid slumping demand. The retailer said Monday there would be no merit salary increases and that it suspended matches to employees' 401(k) contributions.

The company got new chief executive and chief merchandise officers last year, and in December appointed a new interim chief financial officer as it navigates the current woeful climate for retailers. Christopher & Banks' same-store sales fell by double-digit percentages in the past two quarters.

The largely mall-based retailer sells moderately priced private-label fashions that cater to women 40 to 60 years old with above-average incomes. Christopher & Banks operates 816 stores in 46 states.

Shares were down 10 cents, or 2.3%, to $4.25 in recent trading. The company's stock has lost about two-thirds of its value since September.

-By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com