updated - October 29, 2020 Thursday EDT
Coldwater Creek is soon closing up shop after submitting paperwork for chapter 11 bankruptcy Friday.
"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," Jill Dean president and chief executive officer at Coldwater Creek told Reuters.
Consumers can still access and buy things from the company's website in the meantime before it begins to market off its inventory in May the press release reported.
The company is very appreciative of all of the customers it has seen throughout the years.
"First and foremost, we are extremely grateful to all of our associates for thirty years of dedicated service to Coldwater Creek and to the millions of loyal customers who have enjoyed our award winning customer service and beautiful and unique products. Our talented associates continue to impress, performing their duties with professionalism and grace during this period of uncertainty," Dean said in a statement.
The company underwent careful analysis prior to deciding to go the bankruptcy route.
"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. 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," Dean said in the statement.
"As we begin preparing to wind down our operations, customers should know that our stores and website remain open for business and we will be providing information about the tremendous values that will be available at our inventory clearance sales in the coming weeks," Dean said in the statement.
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