April 11 Women's clothing retailer Coldwater
Creek Inc on Friday filed for Chapter 11 bankruptcy,
the latest in a growing list of retailers to seek protection
from creditors as consumers keep a lid on spending.
The retailer listed assets of $10 million-$50 million and
liabilities of $100 million-$500 million, according to its
The Sandpoint, Idaho-based company said it has received a
commitment for $75 million in debtor-in-possession financing
from its existing lender Wells Fargo.
"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 a statement.
Coldwater Creek last October announced plans to seek
strategic alternatives, including a possible sale.
Several U.S. retailers have sought bankruptcy protection
since late last year as consumers curb spending and visit malls
Among those to file for Chapter 11 are pizza chain Sbarro
LLC and clothing retailers Dots LLC and Loehmann's Inc.
Coldwater Creek said it expects to start inventory clearance
sales in early May and has reached an agreement with inventory
liquidators Gordon Brothers Retail Partners and Hilco Merchant
Resources to manage these clearances.
Sales at stores open at least a year, a key gauge of retail
performance, plunged 16.8 percent in the third quarter ended
The case is In re: Coldwater Creek Inc, U.S. Bankruptcy
Court, District of Delaware Case No. 14-10867.
(Reporting by Supriya Kurane in Bangalore; Editing by Joyjeet