October 17, 2008 in Business

Red Lions ends partnership review

 

Red Lion Hotels Corp. has concluded its review of possible strategic partnerships, President Anupam Narayan said Thursday.

The assessment was triggered in July, after Seattle-based Columbia Pacific Opportunity Fund offered $9.50 per share for Red Lion, which operates 50 hotels from its headquarters in Spokane.

Columbia Pacific had accumulated more than two million Red Lion shares, or 12.7 percent of all shares outstanding, prior to its bid.

Narayan said Columbia Pacific retains its stake, or at least has filed nothing with the U.S. Securities and Exchange Commission indicating any shares have been sold.

None of the parties given confidential information about Red Lion’s finances tendered a specific bid for the company, Narayan said, and Columbia Pacific has withdrawn its proposal.

Red Lion shares have tumbled since July, to about $4 per share in trading Thursday.

In a news release, Red Lion attributed the lack of interest to the downturn in the U.S. economy and credit markets.

“We continue to run our business,” said Narayan, who declined to comment on earnings before their release Nov. 5.

Spokane

OneCall.com honored by TWICE magazine

Spokane’s online electronics retail site, OneCall.com, has been chosen as best of its kind by TWICE magazine.

Launched in 1995, OneCall is the online counterpart to downtown Spokane retailer Huppin’s Hi-Fi, Photo and Video.

TWICE and its Web site are owned by Reed Business Information and focus on consumer electronics and major appliance industries. TWICE is an acronym for This Week In Consumer Electronics. Its list of category winners is published annually.

It said OneCall has distinguished itself by having highly trained staff, high levels of customer service and a commitment to innovation.

Bert Caldwell Tom Sowa


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email