Totally agree, another downwards step in the cellar. We can see the bottom rung now!
Surely there has got to be more substantial Goodwill writedowns this year and next - still $93m in Intangibles at FY17 end. Way too high for this moribund business. And way too much stock...sure a slight reduction, but hey, converting company stores to franchises would have moved stock off the company ledger onto the franchisee, so no real gain there. And from memory, getting stock down and getting back to basics was the key focus of John Hardy when he took over as CEO over a year ago...still beating the same message in the FY17 presentation, but where are the improvements?
How much in slow moving or dead stock?
Let's face it GFY is on life support courtesy of the $30m senior debt facility provided by principal shareholder. And where is the conviction of the Chairman and the directors. Clearly they see better value elsewhere with their 'hard earned' and I do too.
I feel really sorry for those who bought into this as an IPO...its been a real disaster.
GFY Price at posting:
84.0¢ Sentiment: Sell Disclosure: Not Held
