US: Coldwater Creek explores strategic options
Struggling women’s apparel retailer Coldwater Creek is exploring a range of strategic alternatives after issuing a profit warning over third quarter trading.
The executive committee of the US company’s board could look at selling or merging the business, or entering into partnerships or joint ventures, it said, with Perella Weinberg Partners acting as its financial advisor.
But the company emphasised that there was no definite prospect of a transaction taking place, and said no timetable had been set for the process to be completed.
Coldwater Creek said the negative comparable sales trend experienced in its second quarter had accelerated recently, resulting in a forecast of worse than expected third quarter results.
“The Coldwater Creek board and management are committed to taking all appropriate steps to enhance stockholder value and have determined that undertaking a thorough and deliberative evaluation of strategic alternatives, with the assistance of its financial and legal advisors, is in the best interests of the company and all of its stockholders,” said Jill Dean, company president and CEO.
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US retailer Coldwater Creek has filed for bankruptcy in order to facilitate an orderly wind-down of its operations, amid declining sales and deeper losses....
US retailer Coldwater Creek has remained silent on reports it could file for bankruptcy within a week amid declining sales and deeper losses....
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