Coldwater Creek files for bankruptcy protection
The women's clothing retailer Coldwater Creek, which has failed to find a potential buyer or a source of capital to help fund its turnaround efforts, has filed for Chapter 11 bankruptcy protection.
Coldwater Creek said Friday that its stores and its website are open and selling clothing and other goods to shoppers. The chain has five outlets in the Pittsburgh area.
It said it expects to start liquidating its inventory in early May. It is planning to hold going-out-of-business sales in the coming months.
The chain said it spent six months evaluating its options, but that its financial situation and tough retail environment were too much to overcome.
Coldwater Creek has struggled in recent years because of weak consumer spending and a failure to find fashions that resonated with customers. It hadn't posted a quarterly profit since the second quarter of 2010.
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