Coldwater Creek Inc. CEO Dennis Pence on Oct. 19 bought 8,235,000 shares of stock in the company, the Sandpoint-based retailer of women’s clothing and accessories said in a filing with the U.S. Securities and Exchange Commission Oct. 25.
He paid 85 cents per share. That’s the same per-share price Coldwater announced Oct. 19 for a planned offering of 26.5 million shares. Proceeds from the offering are to be used for working capital and other expenses including marketing, operating the supply chain and for general corporate purposes.
Coldwater Creek Inc. on Oct. 17 warned it will post wider losses in current and upcoming quarters. The struggling company is overhauling its approach to merchandising and branding.
Pence now owns 22,616,773 shares of Coldwater stock, or 18.98 percent of total shares.
Earlier, he bought more than 1.17 million shares. Those transactions occurred Sept. 6-15 at prices from 89.1 cents to $1.50.
At the end of August, the board approved Pence’s request to no longer receive a salary.
Stock in Coldwater Creek was around 99 cents in mid-session trading Oct. 25 compared to a one-year range from 80 cents to $3.58.