Friday, April 11, 2014

Sandpoint-based Coldwater Creek to Close all Stores by Early Summer

Posted By on Fri, Apr 11, 2014 at 9:50 AM

After 30 years in business, women's clothing retailer Coldwater Creek is shutting its doors nationwide. The company, founded in Sandpoint by Dennis and Ann Pence in 1984, filed for Chapter 11 bankruptcy on Friday, April 11, after failing to find a buyer and, according to a news release, will close all of its 365 outlet stores in 47 states over the next two to three months.

"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," Coldwater Creek President and CEO Jill Dean stated in the release.

Financial trouble has dogged Coldwater Creek since the beginning of the so-called Great Recession. The company, which employs about 6,000 people, has failed to turn a profit since 2007 and announced in October 2013 that it would eliminate jobs equivalent to 20 percent of its full-time workforce expense.

According to a report from Reuters, Coldwater Creek has assets of $278.5 million and liabilities of $361.3 million. 

Coldwater Creek has three stores in Idaho: one in the Boise Towne Square mall, another at The Shops at Magic Valley and a third in downtown Sandpoint.

The impact of Coldwater Creek's closure will fall heavily on the small North Idaho town of Sandpoint, where the company employs about 500 people at its corporate headquarters—making it one of the largest private employers in the Bonner County, where unemployment was pegged at 7 percent in February.

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