COLDWATER CREEK IS LIQUIDATING THIS MOTHER'S DAY SEASON
Coldwater Creek has pretty things but I do not shop there because I can get more for my money at other stores. Apparently, I am not alone. Coldwater Creek has struggled for many years as it reports that it has not seen a year end profit in the past seven years and has not seen a quarterly profit since 2010. Analysts of the demise point to the stiff competition from stores such as Ann Taylor and Chico’s, the fast changing fashion scene, poor store locations and a lacking website which did not meet the needs of the growing internet retail trend.
Coldwater Creek was started by Dennis and Ann Pence in 1984 as a catalog business and eventually grew to 350 storefronts employing 5,500 people. The Company is headquartered in Sandpoint Idaho where 500 people are going to need to find new jobs. Coldwater Creek tried to cut costs and find a buyer or an investor but found itself without viable options as it continued to lose money.
According to the bankruptcy petition at 14-bk-10867 filed in Wilmington Delaware, the company lists assets worth 278.5 million and debts of 361.3 million.
Coldwater Creek will liquidate its inventory before closing its stores. The plan is to start liquidating in early May around the Mother’s Day holiday. The company encourages buyers to continue to shop at the retail locations and website up until the bitter end. The Company’s Board of Directors and CEO Jim Bell have coordinated with liquidators Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC to manage the inventory liquidation. They believe that an orderly liquidation will be the most beneficial to its bankruptcy creditors.
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