* Says to cut 11 pct jobs at headquarters

* Sees charge of about $325,000 in Q4, 2009

* Suspending discretionary contribution to 401(k) plan

* Says there will be no merit salary hikes

* Says will save more than $15 mln in 2010

Feb 23 (Reuters) - Women's apparel retailer Christopher & Banks Corp (CBK.N) said it would reduce 11 percent jobs at its headquarters as it cuts costs to combat the challenging retail environment better.

Chistopher & Banks Corp collection

The move comes within 20 days of the company cutting 30 field management jobs and reducing the number of districts it operates in. The company now operates in 46 districts, against 89 in July 2008.

The company said it was implementing a number of cost-reduction measures, including include year-over-year reductions in store payroll costs, professional services and independent contractors and travel.

Christopher & Banks, which is suspending discretionary match contributions to the 401(k) plan, also said there will be no merit salary hikes.

401(k) refers to a section of the U.S. Tax Code that allows retirement plan investors to defer paying taxes.

As a result of the workforce reduction impacting 24 employees at its headquarters, the apparel retailer expects to take a charge of about $325,000 in the fourth quarter of fiscal 2009.

However, the company expects the annualized benefit resulting from the job cuts to "greatly exceed this charge."

The company expects to save more than $15 million in 2010 from its cost-reduction measures.

Shares of the company closed at $4.21 Monday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Himani Sarkar)