Sandpoint-based Coldwater Creek clothing chain shuts down

Coldwater Creek posted a goodbye on its website after shuttering all its stores in the wake of COVID-19, becoming the latest brand to fall in the retail apocalypse.

Dennis and Ann Pense founded Coldwater Creek in Sandpoint in 1984 as a direct-sale apparel firm. The Penses initially ran the business out of their home. By 1986, the company had 10 employees and was running in the black.

In 1995, Coldwater Creek opened a retail store in Sandpoint, the first of many. In 1996, the company had $143.1 million in revenue and a net income of $7.7 million. The apparel retailer went public in 1997. The Penses retained 75% ownership. Dennis Pense retired and returned as CEO two times between 2006 and 2012 to keep the chain profitable. After 2012, the Penses were no longer involved with running the business.

In 2014, Coldwater Creek filed for Chapter 11 bankruptcy, closing its stores, shutting down its direct mail and online business channels and liquidating inventory. The private equity firm Sycamore Partners, owner of Talbots and Staples, bought the chain’s intellectual property and reestablished it as a mail-order and internet retailer only. Headquarters were moved to Massachusetts. The company launched 13 new retail stores between April 2018 and February 2020.

Coldwater Creek shut its 13 stores after the arrival of COVID-19, most of which did not reopen. The company posted the goodbye notice on its website on July 20 and shut down all its retail and e-commerce operations.  To date, Sycamore Partners has not issued a statement about shutting down the brand and did not respond to a request for comment.