Coldwater Creek gets Nasdaq warning
Sandpoint women’s retailer Coldwater Creek has been notified by officials at the Nasdaq stock exchange it may be delisted if it doesn’t raise its share price before July 1.
In a notification sent to the Securities and Exchange Commission, Coldwater Creek said it intends to meet the deadline by raising the share price above the $1 limit.
Publicly traded Coldwater Creek has seen its share price slide as its business has struggled to regain ground in a challenging retail environment. Its closing share price hasn’t exceeded $1 since mid-November.
Nasdaq requires the company’s share price to remain at or above $1 for 10 consecutive business days between now and the deadline. However, Nasdaq also said it could change the required period to 20 days if “it questions the company’s ability to maintain long-term compliance.”
Among its options, Coldwater Creek officials could execute a reverse stock split to raise the price over $1.
If delisted, Coldwater Creek’s stock would no longer be sold on the Nasdaq exchange and the company likely would be forced to list itself on the smaller over-the-counter exchange. Such a move can restrict a company’s access to capital.
BPA administrator Drummond resigns
PORTLAND – The leader of the Bonneville Power Administration, who was suspended last year amid an investigation into agency hiring practices, has resigned.
BPA spokesman Doug Johnson said Bill Drummond resigned last Friday as administrator.
The Energy Department placed Drummond and Chief Operating Officer Anita Decker on indefinite leave in July. The suspensions came after the department’s inspector general investigated allegations of discrimination against veterans who applied for jobs at the agency and reports of managers retaliating against whistle-blowers.
Sen. Ron Wyden’s office said Wyden has told a top Energy Department official that acting administrator Elliot Mainzer “would be the right choice” as Drummond’s successor.
T-Mobile offers to pay subscriber fees as bait
LAS VEGAS – T-Mobile US Inc., the country’s fourth-largest wireless carrier, is aiming to lure subscribers from rivals by paying the fees required to break their service contracts.
Wednesday’s announcement, at the International CES gadget show in Las Vegas, is the next step in T-Mobile’s campaign to bolster its fortunes by shaking up conventions in the wireless industry. The strategy appears to be working: T-Mobile reported solid subscriber gains for the last three months of 2013.
T-Mobile CEO John Legere said the company will pay early termination fees of up to $300 per line for people who switch from other companies.
Delta to add new seats, enlarge overhead bins
ATLANTA – Delta Air Lines said it will install new seats and bigger overhead bins on many of the planes it flies within the U.S. It’s squeezing more seats onto many of those planes, too.
Delta said on Wednesday that the project will cover 225 planes.
Passengers will have electrical power at every seat, and most of them are getting bigger overhead bins and new seats.
Delta will be able to fit more seats onto many of those planes, including about 19 more seats on its Boeing 757-200s, six more on its Airbus A319s, and 10 more on its A320s.