Retail

Coldwater Creek Wins Confirmation of Chapter 11 Plan

September 18, 2014

As former customers keep a wary eye on the online version that new owners are planning for the Coldwater Creek women's clothing line, the former company yesterday won confirmation of its bankruptcy debt-payment plan, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Brendan Shannon signed off on the chapter 11 liquidation scheme for the former retailer at a hearing, calling it "a good result in a challenging case." Original projections were that unsecured creditors would get nothing from the bankruptcy, but they will collect from 10 to 17 percent of what they are owed thanks to a deal between the dissolving company and the unsecured creditors’ committee.

Brookstone CEO Speltz Resigns After Bankruptcy Proceedings

September 17, 2014

Specialty retailer Brookstone yesterday said that its president and chief executive, James Speltz, has resigned after taking the seller of travel gadgets and massage chairs through bankruptcy proceedings this summer, the Wall Street Journal reported yesterday. Steve Schwartz, a 15-year veteran of the company who is currently Brookstone's chief merchandising officer, will serve as interim president and CEO. Brookstone, which has about 240 stores in malls and airports, filed for bankruptcy protection in April. In court filings, the company said sales have lagged since 2007, and that it began searching for a buyer after a weak 2013 holiday season. Chinese investment firm Sailing Capital Overseas Investment Fund LP and Chinese conglomerate Sanpower Group won an auction in June to buy Brookstone for $174 million, trumping a $146.3 million offer from an affiliate of Spencer Spirit Holdings Inc., the parent company of Spencer's and Spirit Halloween retail chains.