Women's clothing retail chain Coldwater Creek has filed for bankruptcy and will close all stores by next month, including one in Fairview Heights.
Coldwater Creek Inc. filed for Chapter 11 bankruptcy Friday in the U.S. Bankruptcy Court in Wilmington, Del. The Sandpoint, Idaho-based company plans to hold inventory clearance sales in the coming weeks and begin liquidating its 365 stores by next month. All stores are expected to close by the summer.
In a statement released Friday, chief executive officer Jill Dean said "this difficult decision follows a comprehensive strategic and financial review of the business."
"The board of directors has determined that the actions we are taking represent the best path forward for Coldwater Creek and its stakeholders," Dean said. "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."
The company was founded in 1984. Its first and only metro-east store opened at 6520 N. Illinois St. in Fairview Heights, in the Shoppes at St. Clair in March 2007.
The company employs about 6,000 and also has stores across the river at the St. Louis Galleria, West County Center in Des Peres, Mo., and at The Meadows at Lake St. Louis, Mo.
Contact reporter Will Buss at email@example.com or 618-239-2526.