Breaking News
FONT-SIZE Plus   Neg
Share SHARE

WSJ: Coldwater Creek Prepares To File For Bankruptcy

Coldwater Creek Inc. (CWTR: Quote) is preparing to file for bankruptcy-court protection within about a week as the specialty retailer of women's apparel, jewelry and accessories grapples with higher debt and declining sales, the Wall Street Journal reported Monday, citing people familiar with the matter.

Sandpoint, Idaho-based Coldwater Creek made attempts to avoid a bankruptcy filing by refinancing debt or selling itself to a private equity firm, but was reportedly unsuccessful in those attempts. The company had said in mid-October 2013 that its board of directors authorized the evaluation of strategic alternatives to enhance value for stockholders.

In December 2013, Coldwater Creek reported a net loss for the third quarter that widened to $23.79 million or $0.78 per share from $20.53 million or $0.67 per share in the year-ago period. Net sales for the quarter declined 18 percent to $154.49 million from $188.12 million in the prior-year period.

Coldwater Creek had total liabilities of $353.10 million as well as cash and cash equivalents of $6.79 million as at November 2, 2013. The company ended the third quarter with 343 premium retail stores, 36 factory stores, and 7 spas.

CWTR closed Monday's trading at $0.16, down $0.51 or 76.12 percent on a volume of 8.55 million shares.

Register
To receive FREE breaking news email alerts for Coldwater Creek Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Bank of Japan expanded its massive quantitative and qualitative easing unexpectedly as policymakers assessed it necessary to achieve the 2 percent inflation target even after a sales tax hike in April. In a 5-4 vote, the Policy Board led by Governor Haruhiko Kuroda decided to raise the monetary base at an annual pace of about JPY 80 trillion. LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.