Christopher & Banks Corporation, formerly Braun's Fashions Corporation, has completed the purchase of its existing 210,000 square foot headquarters and distribution center facility in Plymouth, Minnesota for $8.8 million in cash.

The Company is leasing the entire facility to a third party, but will occupy approximately 100,000 square feet of the building for its own business.

Bill Prange, chairman and chief executive officer of the specialty retailer, commented: "We are pleased to have completed the purchase of our headquarters facility. Since we will be able to reclaim space as subleases expire, the building will accommodate our planned growth over the foreseeable future."

Mr Prange continued: "In addition, when taking into account net rent payments received and offsetting such payments with increased depreciation and foregone interest income, the company anticipates the purchase will be accretive to net earnings by approximately $0.01 per share annually in each of the next four years."