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Coldwater Creek files for bankruptcy, will close stores



Published: Tue, April 15, 2014 @ 10:45 a.m.

The women’s clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy and plans to close all of its stores, following going-out-of-business sales to be held in the coming months.

The clothing chain operates stores in the Eastwood Mall in Niles and the Grove City Outlet Mall in Mercer County, Pa.

Over the past six months, Coldwater Creek considered its options, including selling the company. But the Sandpoint, Idaho-based company was unable to find a buyer or a source of capital to fund its turnaround efforts.

It’s stores and website are still operating, but the company expects to begin liquidating its inventory through sales in early May.

“This difficult decision follows a comprehensive strategic and financial review of the business. The Board of Directors has determined that the actions we are taking represent the best path forward for Coldwater Creek and its stakeholders,” Jill Dean, president and CEO, said in a statement. “While we are extremely disappointed with this outcome, the Company’s declining liquidity position and the challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action.”

Inventory liquidators Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC will manage Coldwater Creek’s clearance sales, but the plan does not contemplate any recovery for the company’s stockholders.

The liquidation plan must still be approved by the bankruptcy court.

The company received a $75 million commitment of “debtor-in-possession” financing from its current lender, Wells Fargo, to assist in the liquidation process.

Coldwater Creek filed in the U.S. Bankruptcy Court in Wilmington, Delaware.


Comments

1rickking123(306 comments)posted 6 months, 2 weeks ago

Another shining example of the Obama economy.

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2AnotherAverageCitizen(1175 comments)posted 6 months, 2 weeks ago

rick,

What? A business fails, so you blame the president of the USA. Really??

Usually the union is blamed. Oh, places without unions fail also??

Suggest removal:

3rickking123(306 comments)posted 6 months, 2 weeks ago

Yep.

5 plus years ago we were promised skittles and unicorns and rainbows for everyone once Mr. Hope and Change was elected.

Obama's economy therefore he's to blame since we know had the same occurred under Bush's presidency the posters on this site would be blaming him (some still do.)

Suggest removal:

4AnotherAverageCitizen(1175 comments)posted 6 months, 2 weeks ago

So I assume the stock market nearly doubling, unemployment not as bad as it was 6 years ago and the housing market rebounding, you give credit to Obama for that.

Suggest removal:

5rickking123(306 comments)posted 6 months, 2 weeks ago

Don't forget the lower labor force participation rate, the higher number of SNAP recipients, and the real unemployment rate (not the fudged one that the government tells you about.)

And the 6 plus trillion added to the deficit.

Also just wait till we discover the real effect of the federal reserves bond buying program. You can't create 85 billion dollars a month out of thin air and not expect it to have a deleterious effect. Been to the grocery store lately? How have those prices been?

Suggest removal:

6rickking123(306 comments)posted 6 months, 2 weeks ago

Uncommon Sense

Depends who you ask......

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7rickking123(306 comments)posted 6 months, 2 weeks ago

Democratic congress under Reagan increased the deficit.

But let's not confuse a deficit with a debt.

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8AnotherAverageCitizen(1175 comments)posted 6 months, 2 weeks ago

Rick,

Lets review, You blame the Dem's when Reagan was president. Then why do you NOT blame the repub led Congress under Obama?

I am not sure you look at things equally and objectively. Oh, watching too much "fair and balanced" news.

Suggest removal:

9rickking123(306 comments)posted 6 months, 2 weeks ago

What Republican led Congress? Please tell me when the Republicans controlled both Houses of Congress under Obama?

Don't let the truth get in the way of your biased argument.

Maybe you should stop watching MSNBC and find a source for accurate news maybe something more fair and balanced?

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