Joel Waller, the former CEO of teen clothier Wet Seal, is joining women's wear retailer Christopher & Banks Corporation as president for a one-year term.

Waller will report to CEO Larry Barenbaum, who said: "Based on Joel's extensive retail experience, coupled with his operational, product sourcing and management background, we believe that he will be highly effective in assisting us in revitalising the business and getting the company back on track to profitability."

Waller has over 30 years of retail experience, most recently serving as a consultant to various retail companies, including AM Retail Group/Wilsons Leather. Before joining Wet Seal he was chairman and CEO of Wilsons Leather.

Christopher & Banks , which operates 774 stores, has seen its sales fall - and profits widen - as shoppers rejected its price rises and "over-engineered" fashions.

As part of efforts to help it return to profit, it last month revealed plans to shutter around 100 underperforming stores and axe jobs, including a cut of 7% of workers at its corporate headquarters in Minneapolis.

Seperately, the company yesterday (14 December) said preliminary same-store sales are flat in the third quarter, although net sales are expected to be up by 2.5% to $123.9m from $120.9m. However, while aggressive promotions drove sales and helped move seasonal inventory, they also led to a sharp drop in gross margins.

The company said it anticipates reporting an operating loss for the quarter and has suspended its quarterly dividend.