Coldwater Creek to close 12 Michigan locations as retailer files bankruptcy

In this Oct. 6, 2009 file photo, a shopper walks past a Coldwater Creek store in downtown Seattle. The women's clothing retailer has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts. The company said Friday April 11, 2014 that it expects to start sales to liquidate inventory in early May. It plans to hold going out of business sales in the coming months. (AP Photo/Elaine Thompson)

GRAND RAPIDS, MI -- The Coldwater Creek will close 12 Michigan locations this summer as the women's apparel retailer goes out of business.

Sandpoint, Idaho-based Coldwater Creek Inc. filed for Chapter 11 bankruptcy after failing to find a buyer, or a source of capital to help fund its turnaround efforts, reports the Associated Press.

The company said it plans to wind down its operations over the coming months and begin going-out-of-business sales in early May at its 365 stores, before the traditionally busy Mother's Day weekend.

"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," Chief Executive Jill Dean said in a statement.

The Michigan stores are located at:

Briarwood Mall in Ann Arbor Birch Run Premium Outlets Green Oak Village Place in Brighton The Mall at Partridge Creek in Clinton Township Genesee Valley Center in Flint Woodland Mall in Kentwood Kercheval Place in Grosse Pointe Eastwood Towne Center in Lansing Laurel Park Place in Livonia Twelve Oaks in Novi The Crossroads in Portage The Village of Rochester Hills

Coldwater Creek was founded in 1984 as a catalog-based marketer. Sales at stores open at least a year, a key gauge of retail performance, plunged 16.8 percent in the third quarter ended Nov. 2, according to AP.

Dean posted a thank you to customers on the company's Facebook page, that in part read: "We are heartbroken by today's news and especially want to thank our dedicated and passionate employees and devoted customers. We will miss you as much as you will miss us."

Shandra Martinez covers business for MLive/The Grand Rapids Press. Email her or follow her on Twitter @shandramartinez.

Source: http://www.mlive.com/business/west-michigan/index.ssf/2014/04/coldwater_creek_to_close_woodl.html