Report: Coldwater Creek to Liquidate
Posted on April 8, 2014Coldwater Creek is reportedly planning to liquidate its assets. Bloomberg reports that Coldwater Creek will file for bankruptcy protection and liquidate. A stalking horse bidder is already lined up to help sell off the company's assets.
Coldwater Creek has been struggling. Bloomberg says they have not been profitable since 2007. Reuters reports that the company's shares tumbled on the news of a possible liquidation. Rumors of a bankruptcy filing had already been circling since last week.
The women's clothing retailer says it has 343 premium retail stores, 36 factory stores, and 7 spas in its most recent release. A lot of Coldwater Creek's stores are located at malls, which could mean more bad news for malls if the retailer ends up closing lots of stores. Coldwater Creek also sells clothes and accessories through catalogs and its website, coldwatercreek.com.