Coldwater Creek files bankruptcy as no buyer turns out

Coldwater Creek, a US-based women's fashion retailer,

has announced it filed for bankruptcy protection and will close its 350 stores next month. The retailer goes out of business after failing to find a buyer.

The company lost 59.6 million dollars in the first three quarters of the fiscal year ended Feb. 2, according to Bloomberg. This adds to the loss of circa 82 million dollars reported last year.

It is noteworthy that the company hasn't posted an annual profit since 2007, trying to find a suitor to help it through the financial struggle for the past six months, with no success so far.

Therefore, the women's clothing retailer has filed for bankruptcy and is going out of business. The company's stores and website are still up and running but the firm announced earlier in April that it will close its operations and that liquidation sales will start soon.

The 30-year-old chain based in Sandpoint, Idaho, on Friday April, 11 filed for Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del. It has about 6,600 employees.