SANDPOINT Idaho
Plans for a University of Idaho campus in this north Idaho lakeside town have stalled largely because of slumping stock prices in a women’s clothing company, backers say.
University officials had hoped to begin offering classes in the fall of 2009 before the announcement Monday by the Wild Rose Foundation, run by Coldwater Creek Inc. co-founder Dennis Pence. The foundation has offered $36 million toward the project on 77 acres of land owned by the university.
“As a large percentage of the assets of the foundation reside in equities, and the value of the portfolio has declined substantially over the last six months, Wild Rose has requested to the University of Idaho that the planned development be delayed until such time as the condition of the investment portfolio of the foundation improves,” Pence said in a statement.
Coldwater Creek stock comprises a “substantial portion” of the Wild Rose portfolio, said Ford Elsaesser, a lawyer and foundation spokesman, and shares have fallen 70 percent in the last year. The stock was trading Tuesday at $8.40 a share, up five cents, but well off its 52-week high of $31.25.
The company, which sells women’s apparel and accessories, announced last week that it would post a third-quarter loss amid sluggish clothing sales.
Mayor Ray Miller said the indefinite delay of the campus is disappointing but understandable.
