Spokane ad agency wins gold in Minneapolis
Spokane ad agency Magner Sanborn was named best small agency on the West Coast in a competition arranged by media publication Ad Age.
The award was presented to company principals at a recent event in Minneapolis.
Ad Age selects agencies based on size and region, and gives out a gold and silver award for small, medium and large agencies. Small agencies are those with fewer than 150 workers.
Magner Sanborn won the gold; the West Coast silver winner was an ad agency from San Francisco, said Dennis Magner, one of Magner Sanborn’s founders.
“For us, this validates what we’ve done here, and says that small is great,” he said.
“So often the larger conglomerates get the attention, but the awards recognize that great work is done in smaller agencies,” he said.
Magner Sanborn, launched in 2003 and with offices in downtown Spokane, has 40 workers. Its clients include Amtrak, Yoke’s Fresh Markets, Netflix and others.
Avista offering low-cost energy audits this week
Avista Utilities is offering low-cost energy audit services to homeowners in Spokane and unincorporated areas of Spokane County, but residents must sign up for the program by Friday.
Federal funding is ending for the two-year pilot program, which provides specific recommendations about how homeowners can lower their energy bills.
The audits are valued at more than $400 but cost as little as $49, according to Avista. Certificated auditors inspect each home and assess the efficiency of major appliances. They also perform diagnostic tests to discover areas of heat loss or gain. Customers receive a written report.
To sign-up for an audit, visit www.avistautilities.com. Mailed applications must be postmarked by midnight Friday. Online applications must be submitted by midnight.
Coldwater Creek wants reverse stock split
Sandpoint women’s apparel retailer Coldwater Creek is proposing a reverse stock split to keep the company trading on the Nasdaq market.
A filing with the Securities and Exchange Commission proposes a vote by company shareholders to approve the split. Neither the date for the election or the split ratio has been decided, said company spokeswoman Bobbi Earle.
The Nasdaq rules state a company’s stock will be delisted if it remains below $1 a share for 90 days following a notice of possible delisting.
Nasdaq sent that notice to Coldwater Creek in mid-June. Its share price was last above $1 on May 10. Since then its price has fallen to as low as 45 cents and at times above 80 cents.
It closed Monday at 63 cents.
While struggling to revive its stock price, the company has earned some market support because of a recent infusion of cash from equity firm Golden Gate Capital. Last month the San Francisco-based fund announced it is lending Coldwater Creek $65 million.
In exchange, Golden Gate Capital gets to appoint two directors to Coldwater Creek’s board.
Supervalu fires CEO in turnaround effort
NEW YORK – Supervalu Inc. on Monday fired its CEO and tapped Chairman Wayne Sales to lead its turnaround efforts, just weeks after the grocer reported dismal quarterly results and suggested it might put itself up for sale.
The Minneapolis-based operator of Albertson’s, Jewel-Osco and other grocery chains said Craig Herkert, who was brought in as CEO in 2009 to help shake things up, was notified of his firing Sunday.
In a letter to employees, Sales vowed to move more quickly to cut prices and make “tough decisions” regarding cost-cutting. He said the company’s “biggest enemy” is time.