Management bit off more than they could chew thanks to the free...

Management bit off more than they could chew thanks to the free covid stimmies retail boom and were left holding the bags of excess, depreciating and outdated inventory. It's unfortunate but that happened to many retailers. Not saying Phil has done an amazing job but I didn't read many complaints on the way up from $1 > $7 fwiw. They're on the right track in regards to right sizing and doing what they need to do to return to profitability, albeit a painful and tedious journey. I don't think Blundy would've kept management if he didn't think they were up to it.

In regards to Blundy's intentions, nobody would know other than him. He would see the value here at rock bottom prices because. The business actually has great underlying trends (niche growing market, high onlinehysical store sales ratio and targeting historical 60% gross margins) but was in a horrible current position, ergo the share price. All of which are fixable and in their control. However, interest rates, cost of living and macro are not which weigh on performance and sentiment.

He has a good track record in the space of (specifically) Women's fashion;

- Sold Honey Birdette to Playboy for $333m USD.
- Sold Bras n Things to Hanes for $500m.
- Lovisa $2.20 > $17.50

My assumption is that he helps to fix the very fixable issues that CCX face and tries to sell the business in the future at a much higher multiple. I very much doubt you'd see someone like Spheria, who have a blocking stake, agree to a takeover when their average is well north of the current SP and have been continuously adding at the lows.