go harvey go, page-36

Good Post Relexan.

I wonder whether an Argos style makeover would work for HVN. Gerry or his franchisees have made a massive investment in physical stores and staff entitlements.

If he did want to lower the physical presence that would devalue the property holdings, and renegotiating franchisee agreements could be difficult... particularly if many franchisees are also in debt to HVN

I see an Argos transition as easier for a player like Kogan to make; a low rent store in various outlets - he wouldn't even need to make the investment in staff as a lot of the explanations could be managed online or through other medium.

For years I have only seen HVN on a slow slide into either a breakup or some other scenario. I don't think there is an outcome which can release much value for HVN shareholders.

the age newspaper had an article asking for Gerry to leave, but I don't think that is the solution. HVN needs a value proposition and it doesn't right now.