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          7. Rival retailer buying bankrupt clothing brand set to close all stores and customers will see a shopping ‘shift’

          A BANKRUPT clothing retailer has revealed it will be bought by a rival company with plans to change how customers shop.

          Soft Surroundings, a women's clothing and home goods brand, filed for bankruptcy earlier this month and announced all 44 stores will close.

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          Rival retailer Coldwater Creek is stepping in to buy the company's remaining assets and sell them online and via catalogs.

          Coldwater Creek plans to shift the retailer into an online-based direct-to-consumer brand.

          Online shopping accounted for 65.4 percent of overall sales for Soft Surroundings last year, which is equal to $141.6million.

          The brand faced rising competition as more shoppers turned to online shopping.

          “Shifts in the competitive landscape, a move towards online channels, the COVID-19 pandemic, and increased costs of goods and services due to inflation, among other factors all impacted the Company’s financial position,” said Curt Kroll, Soft Surroundings's restructuring off