New York—Although recently filing bankruptcy and liquidation proceedings, Coldwater Creek may yet have a new retail life.
New York private equity company Sycamore Partners announced today that it bought the Coldwater Creek brand through an affiliate company during the Coldwater Creek bankruptcy proceedings. The firm plans to re-launch Coldwater Creek as an independent portfolio company.
“Coldwater Creek is an outstanding brand with a 30-year heritage and strong support from its loyal base of longtime customers,” Peter Morrow, a managing director of Sycamore Partners said. “We are excited about adding Coldwater Creek to our growing portfolio of leading retail brands and look forward to reintroducing the brand to the marketplace.”
The intellectual property was purchased through Sycamore affiliate CWC Direct LLC in conjunction with Coldwater Creek’s ongoing Chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Delaware.
Sycamore, which handles some $3.5 billion in assets, has been investing in many retail companies of late, including Hot Topic, Talbots, Jones New, Aeropostale, Kasper Group, Kurt Geiger, Nine West Holdings, Pathlight Capital, Stuart Weitzman and Talbots.
Sycamore Partners did not say when it plans to re-launch the brand.