This quarter was always going to kill them. My estimates were that outflows greater than $45m created severe difficulty, outflows above $55m meant bankruptcy. I have a feeling we are tracking between the two.
The CEO commentary has some stark warnings about what will happen if they can't open in October. I think there's about one, maximum two months left in these current restrictions. Complete boom if they get open before the end of next month.
One part that is very interesting is the outlook. The word "comparable" is giving me bad vibes. I highly doubt sales are only down 8% QOQ. Does anyone else think they might be comparing sales at stores which are not under restrictions?
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