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Entry revised on 11/06/13 12:12 PM
I made a fairly major mistake last week dealing with a business section news item, related to Coldwater Creek. The Sandpoint women's retailer sent out a release saying it would restructure and cut expenses significantly.
It provided a few numbers but did not provide exact numbers on the impact on jobs, which is what many people really care about.
In the absence of information, I tried to generate some of the missing data, and I messed it up.
Here's the scenario that I hope others can learn from: The release from CC said its efforts would reduce “corporate workforce” expenses by 20 percent. It didn't say how many jobs that meant, and an effort to reach the company for that number did not succeed.
I needed to get some kind of number and I assumed I could work it out, based on public information. I will skip the math I used to come up with the conclusion that “several hundred jobs” would be cut. Using limited absolute numbers, I figured it would come to at least 300 jobs.
The next day company representatives informed me that “several hundred” was wrong and I was told it was “less than 100.” We corrected the online story and ran a correction the next day.
I made an inquiry about the types of jobs cut or how to understand “corporate workforce,” but I failed to get additional clarification.
An inside company person said the job number at the Sandpoint office and headquarters was “around 50.” But that was an unofficial guess not for the record.
Sandpoint women's clothing retailer Coldwater Creek did an interesting thing on Wednesday. It appointed a woman as the next CEO.
The women's apparel retailer said its co-founder and CEO Dennis Pence will retire at the end of 2012.
Jill Brown Dean, the current president and chief merchandise buyer, will take over as CEO on Jan. 1.
The company reported a smaller-than-expected third quarter loss, helped by higher comparable premium retail store sales and improved margins. In after hour trading Wednesday, the stock moved upward, approaching the $5 mark for the first time in a long while.
Normal Wednesday trading closed at $4.87 on the Nasdaq.
Coldwater Creek has been posting losses for more than two years. It has been losing out to larger rivals such as Chico's FAS and Ann Taylor Stores Corp.
Sandpoint clothing retailer Coldwater Creek announced Monday Jill Brown Dean will take over as the company's chief merchandising officer.
She'll take over the job held by Georgia Shonk Simmons, who had announced plans to retire. Dean will start on Feb. 14 — Valentine's Day. Simmons has worked with the company for more than a dozen years.
Dean has more than 25 years experience in retail and merchandising. Most recently she's been president of the Limited Too division of Tween Brands. She also worked 18 years with Limited Brands as executive vice president, general manager for Victoria's Secret flagship stores, as well as CEO and president of Lane Bryant.
Coldwater Creek also said Jerome Jessup, currently executive vice president, creative director, is being promoted to president and chief creative officer.
Both execs will report to Dennis Pence, co-founder and CEO of Coldwater Creek.