Sunday, February 9, 2025
53.6 F
Roseville

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.



Brighter Side

Trending

LA-Z-Boy Home Furnishings & Décor in Roseville

Transform your living room and bedroom with La-Z-Boy's comfortable home furniture. Shop for sofas, couches, recliners, chairs, tables, mattress in a box, and more today.

Roseville Pleasant Grove Creek Trail closure for critical repairs

Roseville, Calif. - The trail crossing over Pleasant Grove Creek is closed for critical repairs between Old Coach Drive/Phillips Park and the Orchard View Road trailhead parking lot.

RG Philips Park in Roseville

RG Philips Park "This 6.5 acre park features a children’s...

Roseville welcomes US Quadball West Coast National Qualifier to Maidu Park

Roseville, Calif. - Quadball, an action-packed sport that evolved from the Harry Potter novels, will hold its only West Coast national qualifier Saturday, Feb. 8, and Sunday, Feb. 9 at Maidu Regional Park in Roseville.

The Crepe Stop in Roseville

The Crepe Stop in Roseville. Savory & Sweet. Crepes, Pancakes, Waffles, Gelato, Boba Tea.

Topics

LA-Z-Boy Home Furnishings & Décor in Roseville

Transform your living room and bedroom with La-Z-Boy's comfortable home furniture. Shop for sofas, couches, recliners, chairs, tables, mattress in a box, and more today.

Roseville Pleasant Grove Creek Trail closure for critical repairs

Roseville, Calif. - The trail crossing over Pleasant Grove Creek is closed for critical repairs between Old Coach Drive/Phillips Park and the Orchard View Road trailhead parking lot.

RG Philips Park in Roseville

RG Philips Park "This 6.5 acre park features a children’s...

Roseville welcomes US Quadball West Coast National Qualifier to Maidu Park

Roseville, Calif. - Quadball, an action-packed sport that evolved from the Harry Potter novels, will hold its only West Coast national qualifier Saturday, Feb. 8, and Sunday, Feb. 9 at Maidu Regional Park in Roseville.

The Crepe Stop in Roseville

The Crepe Stop in Roseville. Savory & Sweet. Crepes, Pancakes, Waffles, Gelato, Boba Tea.

Roseville Today Super Bowl party picks for Eagles and Chiefs game

Roseville, Calif.- This Sunday at the Superdome in New Orleans, the Philadelphia take on the Chiefs in Super Bowl 59. A super-sized rematch and unofficial national holiday of $8 million dollar commercials, food and drink and a little football.

Quarry Oaks Apartments in Rocklin

Quarry Oaks Apartments in Rocklin, Calif.

All American Sweeping Co. in Roseville

All American Sweeping's objective is to provide personalized customer service with an emphasis on professionalism, communication, responsiveness and quality at a fair price

Related Articles

Local Spotlight

California Fence and Patio serving Placer County for over 30 years

Loomis, Calif. - California Fence & Patio is proud of their reputation as the premier fencing and patio cover contractor in the Roseville,, Sacramento and Placer County region.

California Recovery Center in Roseville offers treatment for substance abuse and mental health

California Recovery Center (CRC) is a treatment provider for adults with substance abuse and mental health condition, located in Roseville and serving the greater Sacramento region.

Paul Black’s Window Cleaning serving Roseville and South Placer County for over 30 years

Paul Black’s Window Cleaning Inc. has been serving Placer County’s commercial and residential window cleaning needs since 1990.