With respect, their gearing has reduced since last year, to...

With respect, their gearing has reduced since last year, to ~47%. The debt you speak of has been invested into the company. Their lease liabilities may be $350m, but I think you need to consider that these are income producing assets and giving we have seen double digit growth today, I don't think the fundamentals of GXL are a serious cause for concern, IMO. The Amazon effect continues to haunt retail and will do so for some time, I expect.