Women’s apparel chain Coldwater Creek will file for bankruptcy court protection in hopes of avoiding bankruptcy as it struggles under heavy debt and falling sales.
Attempts to refinance its debt or find a buyer have been unsuccessful the past several months, according to the Wall Street Journal.
Private equity firm Golden Gate Capital two years ago gave the retail company a $65 million loan and has the option to buy stock in the publicly traded company.
Like many clothing retailers, Coldwater Creek, which runs stores, factory outlets, a catalog and online business, plus a few spas, has been struggling lately, with a poor holiday showing. But the real trouble is that the company doesn’t seem to have a clear plan for the future.