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Coldwater Creek to close its stores

Rochester Business Journal
April 14, 2014

Coldwater Creek Inc. is going out of business.

The company filed for Chapter 11 bankruptcy protection on Friday after it failed to find a buyer. Local retail stores of the company are at Eastview Mall in Victor and at the Waterloo Premium Outlets in Seneca County.

The Idaho-based woman’s clothing and accessory retailer has 334 stores, 31 factory outlet stores and seven day-spa locations, as well as a catalog and an online business. It employs 6,000 people worldwide.
 
After 30 years in business, it owes $96 million on a term loan and expects to close its stores this summer. The company has not seen an annual profit since 2007 and lost $82 million last year.

Coldwater Creek won court approval on Monday to borrow $42 million to finance operations while it  prepares for going-out-of-business sales at its more than 370 stores, Bloomberg reported. Coldwater said last week it intends to begin liquidating inventory just before the May 11 Mother’s Day holiday.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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