Predictable, page-3

Haven’t looked at the numbers in detail since we bought in but I see impairment charge of $22 mill could be for value of store fitout which always inflated asset values.
The model is broken. That’s the issue. Margin compression which I said would happen is occurring rapidly through competition. They don’t own carpet anymore. Franchise values dropping and no franchise conversion revenue will continue. Can’t see any way this brand can reinvent itself staying purely retail.