Women’s clothing chain Coldwater Creek has filed for bankruptcy and plans to liquidate its operations.
The Idaho retailer — which has Pittsburgh-area stores in Ross, Monroeville, Mt. Lebanon, Cranberry, Grove City and Erie —announced that it plans to start liquidation sales in early May. The company’s most recent quarterly report listed 343 traditional stores, 36 factory stores and 7 spas.
Coldwater Creek said it has been reviewing its options for the past six months and considered many options, including a sale of the company. But the company wasn’t able to find a buyer or a source of enough capital to turn the business around.
Ritz Camera & Image LLC plans to go out of business after 94 years as it failed in a bankruptcy auction to find a buyer to keep the largest U.S. specialty camera retail chain open.
U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., approved a plan Monday to turn over most of Ritz’s assets to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at a Sept. 6 auction, court records show.
“The debtors received no bid to purchase substantially all of the debtors’ business and assets as a going concern,” and believes a sale to the liquidators “will result in the realization of the maximum amount possible,” Chief Restructuring Officer Marc Weinsweig said in a court filing.
Steel mill workers were hoping for an operator, but none show at auction
BETHLEHEM STEEL PLANT AT SPARROWS POINT – NARA – 546808 (Photo credit: Wikipedia)
A liquidation firm won the bidding for Sparrows Point, offering $72 million for the Baltimore County steel mill — less than a tenth of what the complex sold for just four years earlier — and realizing the worst fears of its roughly 2,000 employees.
Mill advocates vowed to push for a miracle to keep steelmaking going there. The local United Steelworkers union had hoped for a steelmaker would buy and restart the mill — idled after owner RG Steel filed for bankruptcy in May. But no steelmaking companies showed up to bid at the Tuesday afternoon auction in New York, said Joe Rosel, president of Local 9477 in Locust Point.
The mill’s general manager, Glenn Mikaloff, sent an email to managers late Tuesday that identified Hilco as the winner and the size of its bid.
The long decline of bookseller Borders Group is finally coming to an end. It was announced Monday, July 18th, that the chain’s remaining 400 stores will all close and nearly 11,000 employees will lose their jobs.
The sale of Borders to Najafi Companies fell through after creditors objected to part of the $435 million deal. Books-A-Million, the nation’s third-largest book retailer, may be interested in purchasing a few of the locations (30).
Borders was the second-largest bookstore chain in the U.S.