SANDPOINT - It's too early to tell what Coldwater Creek's exploration of "strategic alternatives" will mean for the community.

Company leaders recently announced the board's executive committee was investigating several options to enhance the company's value, including partnerships, joint ventures or a sale or merger. However, local economic experts and company officials aren't speculating whether or not the company will take any action - or what changes would be required from potential actions - based on those investigations.

"We're a huge supporter of what Coldwater Creek is trying to do to improve its position," said Karl Dye, executive director of the Bonner County Economic Development Corporation.

Coldwater Creek is teaming up with corporate finance consultant Perella Weinberg Partners as company officials consider possible financial futures for the company. The decision follows lower-than-expected sales results from the second quarter of fiscal year 2013, which brought in $149.7 million in consolidated net sales compared to $163.7 million from the 2012 quarter. Similarly, Coldwater Creek stock closed Monday at $1.20 per share, a far cry from its November 2006 historic high of $30.95.

While company officials say recent cost-cutting initiatives and real estate optimization have improved Coldwater Creek's prospects, third quarter numbers will likely be below previous guidance expectations.

"As a result of an increasingly challenging retail environment, we are continuing to take the necessary steps toward improving our financial position as well as our long-term prospects as a more competitive and successful company," said Coldwater Creek CEO Jill Dean in a press release.

There is no timetable or deadline set for the executive committee and Perella Weinberg Partners personnel to complete strategic workshopping. Furthermore, company officials don't intend to release updates until the board approves a decision or otherwise closes the review process.

A cornerstone of the local economy, Coldwater Creek employs roughly 7,000 people, with 500 working at its Sandpoint headquarters and some employed at a call center in Coeur d'Alene.

According to Dye, it's also a huge supporter of local nonprofits and community improvement projects. For example, the company was instrumental in helping establish and fundraise for the Panhandle Alliance For Education.

The company rose from humble beginnings as a mail-order company founded in 1984 by Dennis and Ann Pence. From there, Coldwater Creek grew with impressive speed throughout the 1990s, establishing a major women's apparel brand through online markets and brick and mortar stores across the country. Like many clothing retailers, the company fell on hard times during the recession, but Dye has high hopes for a comeback.

"We're optimistic that they're going to remain an important part of our economy and our community," Dye said.