Ann: Trading Update, page-25

yea TRS's Balance Sheet does not look good, they're not on firm financial ground imo.

Receivable is small $2.8m, which means they've almost collected most of money owed to them.

But Payable is $50m, TRS is delaying payment to suppliers, or doesn't have the money to pay them. Not a good sign when a company owes money to its suppliers.

Short and long-term leases are still increasing, not decreasing. Inventory is piling up higher than last yea. Inventory unlikely won't convert to cash at full price.

Hence no position for me.