Coldwater Creek Files for Chapter 11 Bankruptcy
Published at | Updated at(SANDPOINT, Idaho) — Coldwater Creek announced on Friday that it has filed for Chapter 11 bankruptcy protection and plans to begin liquidating its inventory early next month.
The decision to file came after the women’s clothing retailer was unable to find a potential buyer or a source of capital to provide enough funding for the company’s turnaround initiatives.
“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. 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,” said Coldwater Creek President and CEO Jill Dean in a statement.
She added that the company’s stores and website remain open for business and “we will be providing information about the tremendous values that will be available at our inventory clearance sales in the coming weeks.”
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