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30-03-2020, 10:28 AM
#281
Originally Posted by winner69
Good ol Smith’s City
Putting up a good fight for survival and refusing to put up the white flag
https://quoteapi.com/resources/da986...w_Covid-19.pdf
PS: NTA is 77 cents I believe so no worries but ... the company recognises the current capital structure is not sustainable given the outlook
NTA at 77 cents,????????????????????????????.What tangible assets???????????? Stock at firesale prices.????????????
The current capital structure is not sustainable given the outlook.Agreed.
The BUSINESS MODEL is not sustainable either.
Pigs could fly before Landlords will agree to rent relief.They will only focus their attention when talking to receivers.
Last edited by percy; 30-03-2020 at 10:31 AM.
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06-05-2020, 08:35 AM
#282
They still putting up a good fight percy
Talk of strategic investors - that doesn’t sound like good news for existing shareholders does it.
Hope nobody has been seduced by the 77 cents NTA
http://nzx-prod-s7fsd7f98s.s3-websit...684/322004.pdf
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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06-05-2020, 08:53 AM
#283
Originally Posted by winner69
I am sorry to say I do not think "talking to landlords" will be constructive,particularly when taking of store closures.Staff have never been "over paid",so little, or no savings there,as each store already has few staff..A good number of years ago I did suggest they put in cafes in their larger stores,but that idea was dismissed.I also felt they should have "franchised" their operations ie like Harvey Norman,but that also was very much against directors/management's vision.
Landlords only focus their attention talking to receivers or liquidators.
In my opinion the business model is past its best by date.
Going forward their finance company does not have a future,as they have relied on Smiths retail for clients.
There was an old saying in retail "your business is only as good as your lease".
I doubt there are few retailers today with good leases.
Last edited by percy; 06-05-2020 at 08:56 AM.
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06-05-2020, 09:00 AM
#284
Originally Posted by percy
I am sorry to say I do not think "talking to landlords" will be constructive,particularly when taking of store closures.Staff have never been "over paid",so little, or no savings there,as each store already has few staff..A good number of years ago I did suggest they put in cafes in their larger stores,but that idea was dismissed.I also felt they should have "franchised" their operations ie like Harvey Norman,but that also was very much against directors/management's vision.
Landlords only focus their attention talking to receivers or liquidators.
In my opinion the business model is past its best by date.
Going forward their finance company does not have a future,as they have relied on Smiths retail for clients.
There was an old saying in retail "your business is only as good as your lease".
I doubt there are few retailers today with good leases.
Like that ‘your business is only as good as your lease’
Goes well with ‘your business is only as good as your worst employee’
Seems SCY doomed ...even a decent receiver would probably just close the doors for good.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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06-05-2020, 01:25 PM
#285
Any guesses on what could follow out of this -
https://www.nzx.com/announcements/352684
"Smiths City restructuring process to begin"
Cropping some stores & staff seems to be being hinted at
Perhaps a Cap Raise of sorts -- but then the SP is well south of the equator
Perhaps hock off all or part of the Finance Division ?
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06-05-2020, 01:33 PM
#286
Originally Posted by nztx
Any guesses on what could follow out of this -
https://www.nzx.com/announcements/352684
"Smiths City restructuring process to begin"
Cropping some stores & staff seems to be being hinted at
Perhaps a Cap Raise of sorts -- but then the SP is well south of the equator
Perhaps hock off all or part of the Finance Division ?
Confirmation they’re munted
Survival getting rid of useless bits and these new investors essentially privatising the company
Existing shareholders - I’m afraid the shares are worth stuff all.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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06-05-2020, 01:44 PM
#287
Originally Posted by winner69
Confirmation they’re munted
Survival getting rid of useless bits and these new investors essentially privatising the company
Existing shareholders - I’m afraid the shares are worth stuff all.
You may well be right there too
BIL Australia's close mates at the Sydney HQ money pit may be a bit gutted with this sort of outcome
Last edited by nztx; 06-05-2020 at 01:45 PM.
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06-05-2020, 08:58 PM
#288
Originally Posted by winner69
Confirmation they’re munted
Survival getting rid of useless bits and these new investors essentially privatising the company
Existing shareholders - I’m afraid the shares are worth stuff all.
Speaking of munted, we bought some outdoor furniture from Smiths City that was munted in less than a year.
Good to deal with.....could get a refund, or hold a credit and wait until new season stuff comes in.
No surprises, we took the refund......otherwise we would have been the ones that were munted.
PS - munted is a such great word!
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06-05-2020, 10:27 PM
#289
As a restructuring etc etc seems to be the prescribed SCY mode forward, it seems like the major SCY shareholders & their mates may have been a collective 'No want to know' .. but not surprising - as they probably haven't seen sniff of dividend recently, while all things SP continued sliding southwards ..
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08-05-2020, 04:01 PM
#290
Junior Member
Originally Posted by Sideshow Bob
Speaking of munted, we bought some outdoor furniture from Smiths City that was munted in less than a year.
Good to deal with.....could get a refund, or hold a credit and wait until new season stuff comes in.
No surprises, we took the refund......otherwise we would have been the ones that were munted.
PS - munted is a such great word!
Good to know the refund process is solid. Went to buy a phone a few days ago after being shown on the website that there were 4 in stock. Wanted to get hold of customer service before purchasing to confirm the location, but waited 90 mins with no answer. You don't get to see where the stock is located on the website, a bit strange. Ended up just buying anyway online. No indication of when it would be ready so have to go down to a physical store to ask.
Turned out they were all display models, luckily one was in Auckland. But THEN, turns out that model was a demo and unable to be sold. Had to can it and get a refund.
Contrast to Noel Leeming yesterday -- phone picked up immediately. She checks the stock availability to be super sure. Hop straight into car and it's in my hand as I arrive 20 mins later. Hmm...
I've heard of another mate have a similar experience with SCY. I would expect they have lost a few Level 3 sales as the online process seems a bit unco-ordinated.
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