Ann: Voluntary Administrators Letter to Shareholders, page-3

Crap result for holders, many of whom had trust that JB had a plan.
The gross margin was just never there for this to ever succeed imo. Dollar shop candy in fancy packaging at a 43-46% gross margin. That's horrendous.
It was a massive swing for the stands, eventually sell the growing customer base before insolvency becomes an issue. Cohn knew the risks and wisely sold out.
The other red flag for me was the ever increasing inventory level. Even while the company was on it's knees that didn't drop. Has bad stock never been written down as a way to keep the balance sheet looking healthier? Based on some of the B2C reviews there seemed to be a lot of bad product in the warehouse.
I expect to see the administrators write down a large enough amount of the inventory that shareholders may have grounds for a class action against Directors/Senior Management.