Yellow Pages |   News Updates |   Events Calendar |   Movie Times | Recycling
Rocklin & Roseville Today Events
Celebrating Life...
HOME

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.

Roseville Location
Coldwater Creek
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.





Placer County News Headlines

2017 Acura MDX: classy and versatileRoseville, CA- Now in its eighth year of production by Honda's luxury division, the 2017 Acura MDX is a midsize luxury crossover SUV that is appealing for a variety of reasons.

2017 PlacerArts Summer Concert SeriesAuburn, CA- The annual and free Auburn Summer Concert Series returns for another season beginning June 11, 2017

Affordable Housing Fee Workshops in Auburn and Kings BeachAUBURN, Calif. -- Placer County has scheduled two housing fee study workshops in June, one in Kings Beach and another in Auburn

USA Fastpitch Competition in South Placer County this JuneRocklin, CA --USA Fastpitch is coming to Roseville, Lincoln and Rocklin June 2-4 for three days of softball competition.

City of Roseville's $507 Million Proposed Operating BudgetRoseville, CA- The City of Roseville's proposed operating budget for Fiscal Year 2017-2018 is available for review

San Juan Water District Receives Excellence in Financial Reporting AwardGranite Bay, Calif. - The Government Finance Officers Association of the United States and Canada awarded the San Juan Water District

Sports Stars Join Rocklin Golf Fundraiser at Whitney OaksHall of Famer Willie Brown, Jim Plunkett, Daryle Lamonica, Charles Woodson, Phil Villapiano, Rod Martin and several more Oakland Raiders headline a dazzling field

Silversun Pickups Summer Tour with Third Eye BlindFollowing their upcoming BottleRock Napa Valley performance, this summer, Silversun Pickups will embark on a 30-date amphitheater tour opening for Third Eye Blind. The "Summer Gods" Tour celebrates Third Eye Blind's 20th anniversary

Garland Ranch Regional Park: Tranquility in Monterey CountyCarmel Valley, California - The "granddaddy" of the Monterey Peninsula Regional Park District, Garland Ranch is a fine elder statesman of parks.

Roseville Firefighters Union Blast City's Proposed Staffing CutsRoseville, Calif. - With rising temperatures and fire season upon us, city leaders in Roseville have proposed drastic staffing cuts to the Roseville Fire Department

Oak Creek BMX Track in Roseville Receiving an UpgradeRoseville, CA - Oak Creek BMX is currently undergoing a major track rebuild that was primarily funded by a $10,000 capital improvement grant from Placer Valley Tourism

Falls Event Center in Roseville to Host Align Capital Region Orientation(Roseville, CA) Launched earlier this year, Align Capital Region (ACR) brings together people, programs, and resources to achieve greater outcomes in education, workforce development, and community vitality


NEWS: In Case You Missed It