Coldwater Creek filing for bankruptcy and will liquidate.
Coldwater Creek, facing declining sales and mounting debt, has filed for Chapter 11 bankruptcy protection.
The Sandpoint, ID., based women’s fashion and accessories chain says it expects to start liquidating inventory early next month after failing to find business options, including a sale. Coldwater Creek was hurt by a string of annual losses and declining sales.
Coldwater Creek shares sank 32% to 13 cents in late Friday trading, Wall Street’s biggest daily loser. The stock is down 97% from its 52-week high. Coldwater says it expects shares to be suspended, then delisted, on the NASDAQ exchange.
The 30 year-old company, begun in an apartment closet by founders Dennis and Anne Spence, operated 349 retail stores and 38 factory outlets in 2013, employing 6,600 workers.
Coldwater Creek is an American women’s clothing and accessories retailer based in Sandpoint, Idaho. The company was founded in 1984 by Dennis and Ann Pence. Coldwater Creek sells its products in stores, through catalogs and online. The online outlet carries clothing that was featured during previous seasons.