here we go , page-163

Actually I too have a retail background and I can comfortably say that their strategy of owning retail stroes is ok. The real problem is the way they have executed on strategy and how they have managed capital.
I give the recent management/board no ticks of approval, as they will likely let another great Australian brand go into foriegn hands (like Speedo)and we will ponder what could have been.
Let's not blame the GFC on everything please, as there are plenty of businesses not raising capital now. Look at COH or CSL as being two companies that actualy have a well defined strategy and actually understand capital management.
The way they have run BBG of late, it is like the board/management have gone surfing themselves and let the shop assistance run the show.
They are a disgrace!