Coldwater Creek in financial bind
MINERAL WELLS, W.Va. – A speculated bankruptcy filing by Coldwater Creek is raising questions about the future of its Parkersburg facility.
“Right now, we don’t know anything more than anyone else,” said Cam Huffman, president of the Wood County Development Authority, which owns the facilities at the Parkersburg Business Park where the company is located.
Newspapers, including Bloomburg Businessweek, are reporting the Sandpoint, Idaho-based women’s apparel retailer is planning to file for bankruptcy protection this week.
The retailer, which reportedly has not been profitable since 2007, is said to have been exploring strategic alternatives, including putting itself up for sale. The company may liquidate its assets to pay creditors, media reports said.
In October, Coldwater Creek announced a restructuring and cost-reduction program expected to result in from $20 million to $25 million in pre-tax savings in fiscal 2014.
A representative from Joele Frank Communications, which has done investor and public relations for Coldwater Creek, said the company is not commenting on the situation at this time. When it is time to comment, the company will, he said.
Coldwater Creek is a marketer of upscale women’s clothing and accessories.
The Parkersburg facility is at 601 Coldwater Creek Drive in the Parkersburg Business Park. The center handles East Coast distribution and online sales.
“We have not been contacted by the company yet,” Huffman said.