Coldwater Creek Inc. today announced it is filing for Chapter 11 bankruptcy.
Sandpoint, Idaho-based Coldwater Creek 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.
The company said in a press release it “expects to commence sales to liquidate its inventory in early May.”
According to the release, “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.”
Coldwater Creek has seven stores in the state of Wisconsin, including one at Mayfair Mall in Wauwatosa.
