Women's clothing retailer Christopher & Banks Corp said it received a takeover offer from private equity firm Aria Partners, valuing the company at about $64 million.

Photo: Steve Morgan

Aria, which owns 4 percent of Christopher & Banks shares, offered $1.75 per share - a 51 percent premium to the stock's Monday close of $1.16.

The retailer, which has hired Piper Jaffray as its financial adviser, said it will review the offer.

Aria said in a statement earlier on Tuesday that it had made an initial proposal on May 21.

Christopher & Banks, which sells affordable clothing mainly for women in their forties and above, will run out of money by the end of the year, Aria said in a letter to the company's board.

Shares of Christopher & Banks closed up 20 percent at $1.39 on Tuesday on the New York Stock Exchange. The stock has lost about 30 percent of its value so far this year.