Bankruptcy possible for Coldwater Creek - Coeur d'Alene Press: Local News

Bankruptcy possible for Coldwater Creek

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Posted: Tuesday, April 1, 2014 12:00 am

SANDPOINT - Women's apparel retailer Coldwater Creek Inc. could file for bankruptcy within a week as it struggles with high debt and declining sales, according to Reuters citing a Wall Street Journal report.

The company's shares fell as much as 76 percent in early trading Monday, according to the WSJ report, citing people familiar with the matter.

Attempts to avoid a bankruptcy filing by refinancing debt or selling itself to a private-equity buyer were unsuccessful, the sources told the Journal.

Coldwater Creek was not immediately available for comment, according to the WSJ story.

Sales fell 18 percent to $154.5 million in the third quarter ended Nov. 2, while same-store sales declined 16.8 percent. The company's net loss widened to $23.8 million, or 78 cents per share, from $20.5 million, or 67 cents per share, a year earlier.

Coldwater Creek, founded in 1984 in Sandpoint, had about $353.1 million in total liabilities and $6.8 million in cash as of Nov. 2, according to its latest quarterly filing.

The company also sells jewelry and accessories through mall-based retail stores, online, and through its catalogs.

Coldwater Creek operated about 343 retail stores as of Nov. 2.

Shares of the company, which fell 78 percent in the 12 months to Friday's close, were down 73 percent at 18 cents in late afternoon trading on the Nasdaq, according to the WSJ story.

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20 comments:

  • will-- posted at 1:17 pm on Sat, Apr 5, 2014.

    will-- Posts: 1089

    http://economix.blogs.nytimes.com/2014/04/04/real-unemployment-rate-points-in-the-wrong-direction/?_php=true&_type=blogs&_r=0

     
  • private citizen posted at 10:10 am on Sat, Apr 5, 2014.

    private citizen Posts: 779

    "High End"? their clothes are garbage. Snobs "rent" the clothes and return and get their money back to rent more they just recycle till shop worn.

     
  • private citizen posted at 10:10 am on Sat, Apr 5, 2014.

    private citizen Posts: 779

    "High End"? their clothes are garbage. Snobs "rent" the clothes and return and get their money back to rent more they just recycle till shop worn.

     
  • private citizen posted at 10:09 am on Sat, Apr 5, 2014.

    private citizen Posts: 779

    "High End"? their clothes are garbage. Snobs "rent" the clothes and return and get their money back to rent more they just recycle till shop worn.

     
  • private citizen posted at 10:08 am on Sat, Apr 5, 2014.

    private citizen Posts: 779

    "High End"? their clothes are garbage. Snobs "rent" the clothes and return and get their money back to rent more they just recycle till shop worn.

     
  • private citizen posted at 7:52 pm on Fri, Apr 4, 2014.

    private citizen Posts: 779

    If you had stock it is now .28 cents a share and falling. if you had a job there you don't now and if you had both so sad. Call center must be closed now in CDA. They struggled for so long but they were one of the meanest company's to work for shewed and just really stuck up and treated employees horrible. Sorry for those who lost jobs but the cold water creeps got just what they deserved. what goes around comes around!

     
  • darcigirl posted at 12:10 pm on Thu, Apr 3, 2014.

    darcigirl Posts: 692

    Just another victim of Obama's economy. Not much else to say. Bit by bit my man... store by store... job by job....Obama's destruction of America's economy.

     
  • Jason Abbott posted at 10:40 am on Wed, Apr 2, 2014.

    Jason Abbott Posts: 915

    The article you cited is for the United Kingdom. Pew Research has numbers for the United States¹ showing a pre-recession rate of 31% of 18–32 year-olds living with parents and 34% in 2013 (down from 35% in 2012).

    It is not all roses, as I’ve said, but I wouldn’t call a rise from 31 to 34% a “problem of epidemic proportions.” It’s problematic, yes, but the un-editorialized numbers don’t support expectations of doom and gloom.

    ¹ Pew Research, “Millennials still lag in forming their own households”: http://www.pewresearch.org/fact-tank/2013/10/18/millennials-still-lag-in-forming-their-own-households/

     
  • will-- posted at 9:51 am on Wed, Apr 2, 2014.

    will-- Posts: 1089

    Jason,

    You need to lay off of the 0bama Kool-Aid, things out there are not as rosy as you claim .

    There's a problem of epidemic proportions with unemployment or under employment of the generation X crowd, as a result record numbers are living at home with their parents.

    http://www.theguardian.com/money/2014/jan/21/record-levels-young-adults-living-home-ons

     
  • spudman1 posted at 8:22 pm on Tue, Apr 1, 2014.

    spudman1 Posts: 486

    Jason, it is obvious you can't tell or understand what I'm saying. Sorry, it's going to be a long tough life.

     
  • Veeeee posted at 7:46 pm on Tue, Apr 1, 2014.

    Veeeee Posts: 420

    "cabin furnishings" are out. u have to move with the times.

     
  • Jason Abbott posted at 7:15 pm on Tue, Apr 1, 2014.

    Jason Abbott Posts: 915

    I can’t tell if you’re disparaging government statistics or relying on them. The BLS lists six ways to measure unemployment and provides the number for each.¹ It sounds like you might prefer what they call U-4 or 5 to U-3. The numbers come from what people are reporting about their own employment.

    As for food stamps, half the years since 1969 have had “record numbers” of users. Other years were slight drops.² The number dropped some under Clinton and rose under both Bushes. And the sky is still blue.

    For what it’s worth, my daughter did have a recent visit from the tooth fairy.

    ¹ BLS, “Alternative measures of labor underutilization”: http://www.bls.gov/news.release/empsit.t15.htm
    ² USDA, “SNAP Participation and Costs”: http://www.fns.usda.gov/pd/snapsummary.htm

     
  • Jason Abbott posted at 6:44 pm on Tue, Apr 1, 2014.

    Jason Abbott Posts: 915

    Their summary of the numbers¹ is undisputed but the authors’ inferences and value judgments are one set of opinions among several. There are those suffering hardship for want of work, for sure, but also record numbers of Baby Boomers who are retiring, constituting a happy super-majority (some 93%) of those self-same numbers. It’s not all roses but neither is the sky falling.

    ¹ BLS, “Labor Force Statistics from the Current Population Survey”: http://data.bls.gov/timeseries/LNS11300000 (note you can adjust the date range)

     
  • will-- posted at 5:40 pm on Tue, Apr 1, 2014.

    will-- Posts: 1089

    This article sums it up pretty well:

    http://www.huffingtonpost.com/2013/04/06/labor-force-participation-rate_n_3028135.html

     
  • spudman1 posted at 4:34 pm on Tue, Apr 1, 2014.

    spudman1 Posts: 486

    Of course Jason you can believe the US government Bureau of labor statistics. Record numbers of folks on welfare, food stamps and now disability income along with the unemployment benefits. People not looking for jobs are not unemployed either? Financially secure you mean they still have room on their credit cards? Did you receive a visit from the tooth fairy this past year?

     
  • Jason Abbott posted at 4:16 pm on Tue, Apr 1, 2014.

    Jason Abbott Posts: 915

    The latest from the Bureau of Labor Statistics shows an unemployment rate of 6.7% with, as of February, an additional 91.5 million people “out of the work force.”¹ Of those 91.5 million, a bit over six million wish for a job.² The rest, the vast majority, are retired or financially secure without need of employment (BLS breaks out the numbers).

    This increase to the number of those outside the labor force has long been expected as Baby Boomers are retiring. So yes, doom, gloom, April showers, all that, but perhaps not the Procrustean bed for all employer struggles.

    ¹ Bureau of Labor Statistics, “Employment Situation Summary Table”: http://www.bls.gov/news.release/empsit.a.htm
    ² Ibid., “Persons not in the labor force”: http://www.bls.gov/news.release/empsit.t16.htm

     
  • will-- posted at 8:15 am on Tue, Apr 1, 2014.

    will-- Posts: 1089

    With a record number of Americans out of the work force, there's not enough disposable income left to buy high end items.

     
  • spudman1 posted at 8:02 am on Tue, Apr 1, 2014.

    spudman1 Posts: 486

    Another example of the witless stupidity posted by a member of the local moron club. Sure yea, it's always' a joke when people lose their jobs and a business goes BK. WTH the government is going to take care of everybody? Who needs to work? Just think of all the people that can now take up a musical career. They will now improve their lives on food stamps, welfare and public housing assistance.

     
  • downtowncda posted at 7:04 am on Tue, Apr 1, 2014.

    downtowncda Posts: 575

    It's for real. Used to be, that their clothing was a top seller. Now, you can't give it away. Styles have moved on. They have so many items that are dry clean only. Pendleton seems to be going through similar challenges with their clothing line.

     
  • manana posted at 5:59 am on Tue, Apr 1, 2014.

    manana Posts: 179

    Hmmmm ... wonder if this is just another Press humorless joke for April 1st.

     
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