Appointing administrators is not going to happen. The directors...

Appointing administrators is not going to happen. The directors just converted their options recently, why would they convert if their company was in such dire straits. Closing the stores was a good idea in this environment as it was always going to happen either by govt lockdown or at their own discretion. Closing the stores preserves cash, it gives the business an opportunity to reopen when the time is right. The main expenditure would be rent and interest and as long as that can be managed the business will reopen. Further so many large corporates are refusing to pay rent already so I don't really see an issue. Before EG came around this was trading at 6.5, it will be hard to justify a price that is not at least a 30pc premium to that.