Womens clothing retailer Coldwater Creek, which has a store in The Shoppes at River Crossing in Macon, will close all its locations in the coming months after filing for Chapter 11 bankruptcy protection late last week.
The company said in a news release it would be offering going-out-of-business sales to liquidate its inventory in early May. But a company spokesman said there is no specific timetable for the national chain to shutter individual stores.
Managers at the Macon store declined to comment except to say that some customers had been told of the situation by email.
Many of the national retailers employees will remain on the job while the business winds down, the spokesman said, but they will not be given severance pay. The company has reached a deal with Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC to handle its clearance sales.
Our talented associates continue to impress, performing their duties with professionalism and grace during this period of uncertainty, Jill Dean, president and CEO of Coldwater Creek, said in a statement. This difficult decision follows a comprehensive strategic and financial review of the business.
The chain said it spent the past six months considering its options, but declining finances, tough retail conditions and Coldwaters inability to identify other options drove the decision to file for bankruptcy protection.
In recent years Coldwater Creek has struggled from weak consumer spending and a failure to find fashions that resonated with customers. It hadnt posted a quarterly profit since the second quarter of 2010.
The Idaho-based company had cut costs and closed some stores during its attempts to keep the business afloat. It also made other moves to improve its profitability, but declines in sales trends continued to intensify.
The liquidation plan still needs approval from bankruptcy court.
The Associated Press contributed to this report. To contact writer Andy M. Drury, call 744-4477.