Coldwater Creek Plans Liquidation Sales by Mother’s Day
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Coldwater Creek Inc., a women’s clothing retailer that hasn’t posted an annual profit since 2007, filed for bankruptcy protection with a plan to start going-out-of-business sales in time for Mother’s Day.
Coldwater, founded as a catalog business 30 years ago, said it intends to start liquidating inventory just before the May 11 holiday, a peak sales period for the retailer. The company listed assets of $278.5 million and debt of $361.3 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.