Coldwater Creek in Sandpoint files for bankruptcy protection

Coldwater Creek in Sandpoint files for bankruptcy protection

Credit: Denver Post via Getty Images

Coldwater Creek in Sandpoint files for bankruptcy protection

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by ASSOCIATED PRESS

KREM.com

Posted on April 11, 2014 at 8:10 AM

Updated Friday, Apr 11 at 9:05 AM

SANDPOINT, Idaho (AP) -- The women's clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts.
 
The retail chain said it spent the past six months evaluating its options, but that its declining financial liquidity, tough retail conditions and its inability to find other viable options drove it to file for bankruptcy protection.
 
Coldwater Creek's stores are still open and selling clothing and other goods to shoppers, as is its website.
 
The company said Friday that it expects to start sales to liquidate inventory in early May. It plans to hold going out of business sales in the coming months.
 
Coldwater Creek Inc. is getting $75 million in debtor-in-possession financing from existing lender Wells Fargo to help it wind down its  business.

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