FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Bloomberg: Coldwater Creek Begins Liquidation With Hilco, Gordon Deal

May 07, 2014, 07:53 AM
Filed Under: Bankruptcy

Bloomberg reported that Coldwater Creek Inc., the women’s clothing retailer, won bankruptcy court approval of an agreement with liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC to run going-out-of-business sales at its more than 370 stores starting May 8.

U.S. Bankruptcy Judge Brendan Linehan Shannon in Wilmington, Delaware, approved the store-closing deal after Hilco and Gordon won a 32-hour auction, pushed by another liquidator group to substantially improve the initial offer.

According to the Bloomberg, Hilco and Gordon Brothers guarantee a 128 percent return on costs of Coldwater’s merchandise from the sales, based on a value of $90 million to $105 million. The liquidators’ original stalking-horse offer guaranteed a recovery of 97 percent.

Click here to view the Bloomberg article in its entirety.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.