(Reuters) – Women’s accouterment banker Coldwater Creek Inc on Friday filed for Chapter 11 defalcation and affairs to go out of business afterwards crumbling to acquisition a buyer.
Coldwater Creek joins added retailers to seek aegis from creditors in contempo months as consumers accumulate a lid on spending.
The aggregation said it affairs to wind bottomward its operations over the advancing months and activate going-out-of-business sales in aboriginal May, afore the commonly active Mother’s Day weekend.
Coldwater Creek said it has 365 food and employs about 6,000 people.
“While we are acutely aghast with this outcome, the company’s crumbling clamminess position and the arduous retail environment, calm with the actuality that we accept beat all added possibilities, requires that we booty this action,” Chief Executive Jill Dean said in a statement.
The Sandpoint, Idaho-based aggregation has assets of $278.5 actor and liabilities of $361.3 million, according to its Chapter 11 address filed with the U.S. Defalcation Cloister in Wilmington, Delaware.
Several U.S. retailers accept filed for defalcation aegis back backward aftermost year as consumers barrier spending and appointment malls beneath often.
Among those to book are pizza alternation Sbarro LLC, and women’s accouterment retailers Ashley Stewart Holdings Inc, Dots LLC and Loehmann’s Inc. Dots and Loehmann’s which accept additionally absitively to close.
Coldwater Creek was founded in 1984 as a catalog-based marketer. Sales at food accessible at atomic a year, a key barometer of retail performance, plunged 16.8 percent in the third division assured November 2.
The aggregation had in October appear affairs to seek cardinal alternatives, including a accessible sale, and solicited added than 75 parties for proposals.
“Having been bootless admitting their Herculean efforts and in the face of abiding anemic business performance, the debtors accept assured (that) a defalcation through Chapter 11 is their best adapted actual option,” Chief Financial Officer James Bell said in a cloister filing.
Coldwater Creek said it accustomed a $75 actor debtor-in-possession costs charge from Wells Fargo & Co, a accepted lender. The liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources will administer the approval sales.
Coldwater Creek shares bankrupt at 19 cents on Thursday. Shareholders are accepted to accept annihilation in the bankruptcy.
The case is In re: Coldwater Creek Inc, U.S. Defalcation Court, District of Delaware, No. 14-10867.
Reporting by Supriya Kurane in Bangalore and Jonathan Stempel in New York; Editing by Joyjeet Das and Sofina Mirza-Reid
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