Private equity firm Sycamore Partners announced Monday that it bought the going-out-of-business Coldwater Creek brand and other intellectual property through an affiliate company during the apparel chain's bankruptcy proceedings. Sycamore said it plans to relaunch Coldwater Creek as an independent portfolio company, but it didn't give a timeline for the launch. Terms of the acquisition weren't disclosed. "Coldwater Creek is an outstanding brand with a 30-year heritage and strong support from its loyal base of longtime customers," said Peter Morrow, a managing director of Sycamore Partners.
Coldwater Creek, a women's clothing retailer that hasn't been profitable since 2007, is planning to liquidate its assets after a bankruptcy filing that may come as soon as today, according to two people with knowledge of the matter. The company received a so-called stalking horse, a minimum bid from parties that would sell off the retailer's assets to repay creditors, said the people, who asked not to be identified because the matter isn't public. The filing would come five months after Coldwater Creek said it was exploring strategic alternatives, including a sale.
Women's apparel retailer Coldwater Creek could file for bankruptcy within a week as it struggles with high debt and declining sales, The Wall Street Journal reported, 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 wasn't immediately available for comment. Sales fell 18 percent to $154.5 million in the third quarter ended Nov. 2, while same-store sales declined 16.8 percent.
Everything you do, everything you say, everything you are — and I mean everything — is a direct reflection of your brand. All of these things need to be managed and controlled, but in a way that doesn't seem managed and controlled. Sound difficult? It is. That's why so few brands actually do it well.
Kohl's is the nation's favorite fashion retail chain, according to an annual consumer survey conducted by Market Force Information, a provider of customer intelligence solutions. This is the third year in a row that Kohl's has earned the top spot.
Medford, Ore. -- Harry & David Holdings has named Craig Johnson as its CEO. Johnson most recently served as chief supply chain officer of Guitar Center. Prior to that, he was CEO of Musician's Friend, a Guitar Center subsidiary. He has also held positions at Oriental Trading Co., Golfsmith International Holdings, and Coldwater Creek. The company exited Ch. 11 bankruptcy protection last month. "With its successful restructuring now complete, improved capital structure in place and an outstanding harvest and holiday gift selection, the company is poised for a successful holiday season," Johnson said in a statement.
_ SANDPOINT, Idaho, Oct. 18, 2011 (GLOBE NEWSWIRE) -- Coldwater Creek Inc. today announced that it intends to offer to sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. In connection with the offering, the Company expects to grant the underwriter a 30-day option to purchase additional shares of common stock. All of the shares will be offered by the Company. The Company intends to use the net proceeds of the offering for working capital and other capital expenditures, which may include investments in its marketing strategy and supply chain, as
_ SANDPOINT, Idaho, Sept. 20, 2011 (GLOBE NEWSWIRE) -- Coldwater Creek Inc. today announced that Claudia Runkel will join the Company on October 3, 2011 as Senior Vice President of Sourcing. Ms. Runkel will be responsible for all aspects of the Company's global sourcing initiatives and will report to Jill Dean, President and Chief Merchandising Officer. Ms. Runkel possesses an extensive apparel industry background that spans more than 30 years and brings to Coldwater Creek significant experience in sourcing and product development. Ms. Runkel joins the Company from Warnaco, where she was Senior Vice President of Global Sourcing, Product
A survey released yesterday by Hay Group, a global management consultancy, reported that 68 percent of retailers expect holiday sales to increase this year. An overwhelming majority89 percentsay they are not planning to offer deeper discounts on Black Friday; while 94 percent will not discount on Cyber Monday this year. Sixty-three percent of retailers plan to start promotions in November, but some early birds plan to begin in October (13 percent), September (6 percent) and even August (6 percent), according to the Hay Group report. Despite this, hiring plans remain conservative, with 67 percent of retailers hiring at the
Coldwater Creek announced that Jill Brown Dean has been appointed president and chief merchandising officer, effective Feb. 14. She succeeds Georgia Shonk Simmons, who announced her intention to retire.