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Coldwater Creek files petition in US Bankruptcy Court
12
Apr '14
Coldwater Creek Inc. announced that the Company and all of its U.S. subsidiaries have filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court in Wilmington, Delaware, in order to facilitate an orderly wind-down of its operations.
 
Coldwater Creek's stores and website are currently open for business and serving customers. The Company expects to commence sales to liquidate its inventory in early May.
 
Together with its financial and legal advisors, over the last six months, Coldwater Creek engaged in a thorough analysis of all potential alternatives, including a sale of the Company. Ultimately, the Company and its advisors were unable to find a potential buyer for the Company or a source of capital to provide adequate liquidity to fund the Company's ongoing strategic turnaround initiatives. 
 
As a result, the Company's Board of Directors recently determined that an orderly liquidation of the business would be the best way to maximize value for the benefit of the Company's creditors. The Company intends to hold going out of business sales in the coming months, which are historically busy shopping periods for Coldwater Creek.
 
"First and foremost, we are extremely grateful to all of our associates for thirty years of dedicated service to Coldwater Creek and to the millions of loyal customers who have enjoyed our award winning customer service and beautiful and unique products. Our talented associates continue to impress, performing their duties with professionalism and grace during this period of uncertainty," said Jill Dean, President and Chief Executive Officer of Coldwater Creek. "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." She added, "As we begin preparing to wind down our operations, customers should know that our 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."

Coldwater Creek


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