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Coldwater Creek Files for Bankruptcy, Will Close Stores

Closeout sales expected in early May both in store and online.

Coldwater Creek has announced it will be closing later this year. Patch File Photo
Coldwater Creek has announced it will be closing later this year. Patch File Photo

Stricken with declining sales, a severe cash crunch and mounting debts, women’s retailer Coldwater Creek announced it has filed for Chapter 11 bankruptcy protection and all stores would be closing.

Coldwater Creek has 365 stores and employs 6,000 across the United States.

The company has spent the last six months looking at alternatives to help the struggling chain, including selling the company. Coldwater Creek and its advisors weren’t able to find a potential buyer and determined liquidating the the business was their best option, according to a press release issued by the company.

"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," Chief Executive Jill Dean said in the statement.

The retailer plans to offer closeout sales in stores and online to liquidate its inventory in early May.
Donna Westbrook April 14, 2014 at 02:55 PM
I am sad to learn of this. While I never shopped with them, I think they had wonderful stylish quality clothing. I don't think high prices had anything to do with their closing. The retail business today is very difficult to be in. Retail prices should be on the high side for this type of product. People need to earn a living! I always hate to hear when a business closes.
J. Parker April 15, 2014 at 03:29 PM
: ( So very disappointing. Seeing all the sales they were offering was a tip. I used to buy from their catalog years ago and was happy to see them close to home. The young people of today are into styles unappealing to those of us who prefer the classic look, but lately could not find anything that cried "buy me" on the racks. There was a time that their clothes reeked of class......What happened?
steve forte April 16, 2014 at 07:44 AM
What happened is even thou people thought nothing of paying $45 - $55 even $100 for a pair of jeans in the 80's they want to buy em for $19 now. Try giving employees health ins when you are making $1 off of a pair of jeans. Good luck with that.
J. Parker April 16, 2014 at 12:46 PM
I totally agree, Steve. Jeans should never have cost that much money in the first place. They are not the nicest looking pants to be wearing everywhere....And with holes in them at that ! Who ever came up with THAT for an "in look"? Some look dirty as well, although I don't recall Coldwater carrying those.

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