Gordon Brothers facilitated Soft Surroundings’ going concern sale to Coldwater Creek through the U.S. women’s clothing and accessories retailer’s filing of Chapter 11 bankruptcy in September.
SSG Capital Advisors served as the investment banker to Soft Surroundings Holdings in the sale of substantially all of its assets to an affiliate of Coldwater Creek and an affiliate of Gordon Brothers Group.
According to the Wall Street Journal, creditors have raised questions about what happened in the final days before Coldwater Creek handed over the keys to its 330-store chain to liquidators in bankruptcy.
Gordon Brothers Group and Hilco Merchant Resources will begin closing sales at all Coldwater Creek stores and on the company’s website. Total liquidation of company products begins today.
Bloomberg reported Coldwater Creek filed for bankruptcy protection after sales declined and it failed to find a buyer. Coldwater was said to have reached an agreement with lenders on the liquidation plan and received a $75 million commitment in debtor-in-possession financing from Wells Fargo, a current lender to the retailer.
The Wall Street Journal reported women’s retailer Coldwater Creek is preparing to file for bankruptcy court protection, people familiar with the matter said.