Coldwater Creek Going Out of Business
Coldwater Creek Inc.today 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.
1013 Galleria Boulevard. Ste 140
Roseville, CA 95678
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."
In conjunction with its Chapter 11 filing, Coldwater Creek has received a commitment for $75 million in "debtor-in-possession" financing from its existing lender, Wells Fargo. Subject to court approval, this financing will be available to support the Company's operations during the wind-down process.
Importantly, and in an effort to maximize creditor recoveries and reduce administrative expenses through a swift and efficient Chapter 11 process and liquidation, Coldwater Creek has reached an agreement with its lenders on a Chapter 11 plan of liquidation that was filed today with the bankruptcy court. The Company has also reached an agreement with inventory liquidators, Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC to manage the Company's inventory clearance sales. The plan of liquidation does not contemplate any recovery for holders of the Company's common stock. The plan of liquidation and related disclosure statement is subject to approval by the bankruptcy court.
Additional information for customers, vendors, equity holders and other interested parties is available on the Company's web site at www.coldwatercreek.com.
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesRocklin Charts Course for Defunct Sunset Whitney Golf Space The Rocklin City Council is scheduled to consider an opportunity proposed for the former Sunset Whitney Golf Course land at the March 28 Council Meeting.
Spring Eggstravaganza April 15-16 at Fairytale TownSacramento, Calif. - Celebrate spring with egg hunts, puppet shows, hands-on activities and more at Fairytale Town's annual Spring Eggstravaganza
Gardens of the Hills Fundraiser Tour and Crafts FairEl Dorado Hills, CA - The Assistance League of Sierra Foothills presents their 8th annual Gardens of the Hills Fundraiser Tour and Crafts Fair
Carmel Valley: Land of Honey, Wine & ArtCarmel Valley, CA- Just a short scenic drive inland from Carmel-by-the-Sea lies a delightful little village tucked in the hills that sometimes and undeservedly gets overlooked by travelers in favor of its more popular coastal neighbors.
Roseville Moose Lodge Charity Golf Tournament May 20thRoseville, CA- The Roseville Moose Lodge will be holding its second annual charity golf tournament Saturday, May 20 at Whitney Oaks Golf Club in Rocklin
Sutter Auburn Faith Hospital Foundation welcomes new president and board memberAuburn - Sutter Auburn Faith Hospital Foundation announces the appointment of a new board president, Robert Frew and board member, Suzi deFosset.
Lincoln MKZ: Luxury sedan has lots to offerRoseville, CA- We test drove the 2017 Lincoln MKZ recently for a week and came away impressed.
Corky's Corner: Golden Age Mic Pre 73 ReviewRoseville, CA- If you have a budget or bedroom studio and you are looking for a Neve type Pre amp look no further. The Golden Age Pre is for you.
Roseville Gas Prices Cool as Warmer Temps Move InRoseville, CA- Gas prices in Roseville experienced a slight dip this past week. That's good news as the forecast shows warmer spring weather finally returning to Northern California
American Sign Language Bicentennial Celebration at WJUROCKLIN, Calif., - William Jessup University's American Sign Language (ASL) club will host "ASL Day for All" on Saturday, April 8 at 9:30 a.m. at the growing university
Chicago the TRIBUTE to play Opera House Saloon in Roseville(ROSEVILLE, CA) - Chicago the TRIBUTE, a 9-piece tribute to the band with the horns and hits will be playing the Opera House Saloon Roseville on Thursday, March 30
Roseville Criminal Activity Heats UpRoseville, CA- As the weather heats up, so does Roseville criminal activity. The Roseville police log digest update for the ten-day period covering March 10-20, 2017.
NEWS: In Case You Missed It