Pumpkin Patch

[winner69]

I note that HQ in East Tamaki had 2 leased premises

They consolidated all HG staff into 1 site - and abandoned 433 East Tamaki Rd (everybody at 439) and Accounts said they were working on how much the abandoment of 433 lease that runs through to 2023 was going to cost them.

[winner69]

If the patch goes bankrupt not the first time the group has experienced this ignominy

They once put their US operations into Chapter 11 - mainly to wiggle out of lease commitments

[percy]

If the patch goes bankrupt not the first time the group has experienced this ignominy

They once put their US operations into Chapter 11 - mainly to wiggle out of lease commitments

The US leases were most probably held by a subsidary company,which did not have recourse of the parent company.
Maybe the same in Aussie,but I very much doubt it.The likes of Westfield, usually make sure they are at the head of the que,and would expect any subsidary would have to be guaranteed by the parent company. Aussie landlords are known to change the store's locks, which helps to focuss the tenants attention.! The tenant remains liable,but does not have access to their store.!..Yes,what we would call playing hard ball.!Very hard ball.!!
Staff committments can be reduced by making staff take holidays.From now to the end of January, PPL would find attracting casual staff very easy.Uni students,school kids etc.

[winner69]

I always thought that that guru manager Greg Muir was at the root of the long and gradual decline of patch - during his days as part of day to day management and finally as Chairman.

Chequered life that Greg - The Warehouse, Hanover Finance (should have gone to jail) and Pumpkin Patch .......hmmm

Keeping a low profile at Tru-Test now I believe

[percy]

I always thought that that guru manager Greg Muir was at the root of the long and gradual decline of patch - during his days as part of day to day management and finally as Chairman.

Chequered life that Greg - The Warehouse, Hanover Finance (should have gone to jail) and Pumpkin Patch .......hmmm

Keeping a low profile at Tru-Test now I believe

Staying very very low at Tru-Test.Supplying milk tanks etc to Dairy farmers is very challenging.[I no longer hold.]
No, I would not really blame him.
PPL was born as a very clever "fashion" clothing for children model..
They stole a march on every one.Expanded very quickly.
Then other manufacturers/designers/stores woke up.
So PPL ended up not having anything different.

[Beagle]

http://www.msn.com/en-nz/money/news/...cid=spartandhp

[BlackPeter]

http://www.msn.com/en-nz/money/news/...cid=spartandhp

Yes, the situation is desperate. Not sure though I'd expect anybody to buy the company as going concern ... because this would mean to step into all those dear and long lease contracts. In my view more likely they let it go bust and pick afterwards up whatever looks attractive.

Sad ... for some time it really looked like a nice little great company (but don't they all );

[Raz]

Yes, the situation is desperate. Not sure though I'd expect anybody to buy the company as going concern ... because this would mean to step into all those dear and long lease contracts. In my view more likely they let it go bust and pick afterwards up whatever looks attractive.

Sad ... for some time it really looked like a nice little great company (but don't they all );

problem is life cycle and barriers to entry were low to copy...anyone currently losing money have been stuck for sometime...will be interesting to see who picks up the few prime sights in their portfolio...

[beetills]

Wife got an email this morning from PUMPKIN PATCH reminding her that 40% off everthing sale ends today.
Be great if shareholders only take a 40% reduction in value of their shares

[Beagle]

Yes, the situation is desperate. Not sure though I'd expect anybody to buy the company as going concern ... because this would mean to step into all those dear and long lease contracts. In my view more likely they let it go bust and pick afterwards up whatever looks attractive.

Sad ... for some time it really looked like a nice little great company (but don't they all );

Yes I think if a bookie were giving odds, receivership would be the red hot favourite. The writing has been clearly imprinted on the wall for quite some time. For the directors to come out with the most recent annual result of a loss of $15m and state this is the first year of a four year turnaround,...after two years ago saying that was the first of a two year turnaround... well let's just say they took quite a degree of creative licence with this year's directors report.