Movers and Shakers October 21, 2011
Coldwater Creek expects $21.1 million from offering
SANDPOINT - Coldwater Creek Inc. said Wednesday that it anticipates about $21.1 million in net proceeds from a public offering of 26.5 million shares of its common stock.
The offering was priced at 85 cents per share, which is a 23 percent discount to Tuesday's closing price of $1.11 of the shares are being offered by the retailer. It plans to use the funds for working capital.
Shares of Coldwater Creek fell 21 cents, or 18.5 percent, to 90 cents in midday trading. Shares have dropped 72 percent this year as the company tries to overhaul its merchandise and shuts underperforming stores.
The women's clothing and accessories company is raising money days after posting a weak outlook and saying customer traffic in the key holiday season would be "challenging."
On Monday the company said that it expects a wider-than-expected third-quarter loss on weak traffic in its stores. Coldwater Creek also said that expenses rose because of the chain's first national television advertising campaign.
Coldwater Creek, based in Sandpoint, is also giving the underwriter, Piper Jaffray & Co., a 30-day option to buy up to four million more shares.
Raising money by selling stock can pressure a company's shares, because it dilutes existing stockholders. Increasing the supply of shares weighs on results per share.
Peterson joins Western States Harris/Dean Insurance
Scott Peterson of Coeur d'Alene recently joined Western States Harris/Dean Insurance as a commercial lines producer selling commercial insurance to local business.
He previously worked with Aflac in Coeur d'Alene, and was an account manager for PLATO Learning in Washington state selling educational software in the K-12 market.
He also worked at North Idaho College in the admissions office and athletic department as an assistant men's basketball coach from 1988-2000.
Peterson graduated from Post Falls High School and the University of Idaho and is a member of the Coeur d'Alene Chamber of Commerce Membership Outreach Committee, Post Falls Chamber of Commerce Ambassadors and president-elect of the Post Falls Kiwanis.
Kendra Sims joins Azure Salon
Kendra Sims has joined Azure Salon, 31 W. Honeysuckle Ave.
She is a stylist who can provide specialty hairdressing in highlighting, coloring, and haircutting.
She can be reached at 772-7625.
If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. To get the word on the street on your movers and shakers, call city editor Bill Buley at 664-8176 Ext. 2016 or e-mail bbuley@cdapress.com.