Coldwater Creek hasn’t been able to find a buyer and is seeking additional financing, sources said Monday.
Like many clothing retailers, the Sandpoint, Idaho, company struggled over the holidays. Poor sales continuing into the new year have forced deep discounts and interfered with a turnaround.
The company last year tapped advisory and asset management firm Perella Weinberg Partners to conduct a strategic review, and later announced the closing of 10 of its 343 retail stores. It also has 36 factory stores and seven spas.
This is a tough moment for clothing retailers, and Coldwater Creek is feeling the chill. The retailer was already hoping to find a buyer when the holiday shopping season did its damage. The retailer says its clothing is aimed at a 35-50 age range, but most women would probably scale that to an older range. As it seeks financing and works on paring down in hopes of turning itself around, Coldwater Creek may also want to revamp its advertising approach to match its true demographic, or vice versa.