Coldwater Creek Inc., a women's wear retailer with hundreds of stores nationwide, said in bankruptcy filings that it plans to start liquidating the business with deep discounts pegged to Mother's Day.
The Sandpoint, Idaho, company, which started with a catalog model in 1984, now has 334 retail stores, 31 outlet locations and seven day spas. California has 27 Coldwater Creek stores -- more than any other state except Texas.
In a Chapter 11 filing in federal bankruptcy court in Delaware, Coldwater Creek listed $278.5 million in assets and $361.3 million in debt.
Coldwater Creek has 339 employees in its corporate headquarters and more than 5,500 other workers throughout the system.
The company said in a statement that it had spent the last six months with advisors "engaged in a thorough analysis of all potential alternatives" but failed to find a buyer or a source of capital to fund a turnaround effort.
The period around the May 11 Mother's Day holiday is a historically busy shopping time for Coldwater Creek, the company said.
In the third quarter, which ended Nov. 2, the retailer said revenue tanked 18% year-over-year. Sales at stores open at least a year declined 17% over the same period.
The last time Coldwater Creek reported a fiscal year profit was in 2006. The company's stock swung down 28%, or 5 cents, to nearly 14 cents a share in early afternoon trading in New York.
The stock price is down 75% so far this year.