By Liz Taurasi
Stricken with declining sales, a severe cash crunch and mounting debts, women’s retailer Coldwater Creek announced it has filed for Chapter 11 bankruptcy protectionand all stores would be closing.
Coldwater Creek has 365 stores and employs 6,000 across the United States.
The company has spent the last six months looking at alternatives to help the struggling chain, including selling the company. Coldwater Creek and its advisors weren’t able to find a potential buyer and determined liquidating the the business was their best option, according to a press release issued by the company.
"While we are extremely disappointed with this outcome, the company's declining liquidity position and the challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action," Chief Executive Jill Dean said in the statement.The retailer plans to offer closeout sales in stores and online to liquidate its inventory in early May.