SANDPOINT, Idaho – Woman’s clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy and plans to close all its stores by early summer, according to Reuters.
The Idaho-based business filed for bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts.
The company said it expects to start sales to liquidate its inventory in early May. It plans to hold going out of business sales in the coming months.
The stores and its website are still currently open and selling clothing and other goods to shoppers.
Coldwater Creek has struggled recently due to weak consumer spending and a failure to find fashions that resonated with customers. The company has not posted a quarterly profit since the second quarter of 2010.
Coldwater Creek has locations in Greensboro, High Point and Winston-Salem.