January 26, 2008 in Business

Business in brief: Coldwater exec lists stock buys

The Spokesman-Review
 

The chairman of women’s clothing retailer Coldwater Creek Inc. bought 397,018 shares of common stock, according to a Securities and Exchange Commission filing Thursday.

In a Form 4 filed with the SEC, Dennis C. Pence reported he bought the shares on Tuesday for $3.58 to $4.24 apiece.

The Sandpoint-based company has said it will post a fourth-quarter loss of 16 cents to 20 cents per share, down from earlier projections that the women’s clothing retailer would break even.

The projected loss for the quarter that ends Feb. 3 followed news that Coldwater Creek would cut 65 jobs, including 51 at its Sandpoint headquarters, to save $6 million.

Coldwater Creek’s stock price dropped as low as $3.40 per share this month and closed Friday at $4.72. It was trading as high as $25.69 last June.

– Staff and wire reports

Spokane

Airport, Worthy reach settlement

Spokane International Airport and Walt Worthy Enterprises LLC have agreed to a settlement that will pay the Spokane developer $150,000 for work associated with his proposed mixed-used project on 80 acres near the intersection of Spotted Road and Airport Drive.

Worthy had planned as much as 900,000 square feet of office, retail and warehouse space at the site, but abandoned the project in September, saying it would not pencil out. Preliminary work had included soils, traffic and architectural studies.

The site, like other areas on the West Plains, does not drain well due to soil conditions and the underlying basalt rock.

Director Neal Sealock said the airport board had agreed to compensate Worthy for the site work but rejected a claim for $250,000. The $150,000 resolves the dispute, he said.

Although Worthy chose not to proceed, Sealock said, the airport is discussing development of the area with other parties. “We’re not giving up on it,” he said.

Worthy has shifted his interest to a site near the Spokane Valley Mall, where he has announced plans for 250,000-square-foot office building.

– Bert Caldwell

ST. LOUIS

Boeing, Lockheed join up on bomber

The Boeing Co. and Lockheed Martin Corp. are teaming up to bid on the anticipated U.S. Air Force Next Generation Bomber program, even before requirements have firmed up, the companies said Friday.

They said they hope to be selected to design and build what will eventually become the next Air Force bomber.

The Air Force has said it’s looking to have a “next generation” long-range bomber by 2018. It has publicly stated what it’s looking for in requirements, although that could change.

The Air Force has said it needs a subsonic, manned bomber that could travel 2,000 miles before refueling. And it says the system should have a weapons payload of from 14,000 to 28,000 pounds of bombs.

The current bomber fleet is getting old. The most recent B-2 bomber technology started in the 1970s, and its first delivery was in the early 1990s, Haddox said.

Associated Press


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