Coldwater Creek, a women's clothing retailer with a strong presence in Minnesota malls, will close all of its outlets in the state in connection with its Chapter 11 bankruptcy proceedings.
The Business Journal reports that there are 11 Coldwater Creek stores in the metro area at the Mall of America, the Eden Prairie Center Mall, Woodbury Lakes, the Shoppes at Arbor Lakes in Maple Grove, Ridgedale in Minnetonka and Rosedale in Roseville. The chain also operates stores at the River Hills Mall in Mankato, the Miller Hill Mall in Duluth and the Crossroads Center in St. Cloud.
The Associated Press reported that the Sandpoint, Idaho-based retailer filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to fund turnaround efforts. The chain spent the past six months evaluating options, but declining resources, a tough retail environment and an inability to find finance options drove it to file for bankruptcy protection.
Coldwater Creek has more than 400 stores in 47 states and employs about 6,000. The company has yet to indicate when the stores will close, but Reuters reported the chain will wind down its operations over the coming months and begin going-out-of-business sales in early May, before the traditionally busy Mother's Day weekend.