Sandpoint, ID—A week after reports that it would presently be filing for bankruptcy, Coldwater Creek reportedly has plans to liquidate.
According to Bloomberg News, the women’s specialty retailer—which hasn’t been profitable since 2007—received a so-called “stalking horse,” a minimum bid from some party that would sell off its assets to repay creditors.
The report comes about five months after Coldwater Creek said it was exploring strategic alternatives, including a sale, which apparently never happened.
Sharon Stern, a spokesperson for Coldwater declined to comment. Nathaniel Garnick, a spokesperson for Golden Gate Capital Corp., Coldwater’s biggest lender, also declined to comment.
In another report, Kevin Starke, who specializes in distressed investments at CRT Capital Group LLC, estimated that Coldwater Creek’s liqudation value could range from $100.9 million to $176.8 million.
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