FLINT TWP. — Coldwater Creek, a women’s apparel store at Genesee Valley Center shopping mall, will close permanently in coming months as a result of its parent company filing for Chapter 11 bankruptcy relief on April 11.
The Idaho-based national retailer operates about 400 stores in 47 states and has been in business for 30 years.
Coldwater Creek announced that the company and all of its subsidiaries have filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court in Wilmington, Delaware, in order to facilitate an orderly wind-down of its operations, according to a press release.
“This difficult decision follows a comprehensive strategic and financial review of the business,’’ said Jill Dean, President and Chief Executive Officer of Coldwater Creek, in the press statement. “The Board of Directors has determined that the actions we are taking represent the best path forward for Coldwater Creek and its stakeholders. While we are extremely disappointed with this outcome, the Company’s declining liquidity position and the challenging retail environment, together with the fact that we have exhausted all other possibilities, requires that we take this action.”
Coldwater Creek expects to began liquidation sales in early May.
The Genesee Valley store opened in May 2006 and was the first tenant to move into the mall’s newly completed Outdoor Village expansion, which was built in 2005, replacing a former Montgomery Ward anchor store that was torn down.
Coldwater Creek is the second departure of a national women’s apparel retailer from the Outdoor Village. A Talbot’s store closed in May 2012 after about 17 years at the mall. That will leave a Chico’s women’s apparel store as the sole remaining women’s clothing tenant in the Outdoor Village, which is also occupied, by Bar Louie restaurant and Barnes & Noble bookstore.
Coldwater Creek also operates a factory outlet store in Birch Run and 10 others stores in Michigan.