Possibly, although I suspect everyone is jumping at shadows with...

Possibly, although I suspect everyone is jumping at shadows with TRS because we all have no idea what the full year results will look like.
Crazypunter - you could be right on the full year results, but I'm not counting on good results anytime soon (although I wont complain if they're OK). I'm in the stock because I don't think there business model is dead; they have sufficient scale to provide meaningful competitive advantages in buying; are setting up more direct sourcing to lower costs; should generate improved efficiency from the new DC (at some point ;-)), and have a labour cost model that gives them an efficient cost structure. My only concern is their property portfolio needs to move to lower cost locations or negotiate lower rents with landlords. Their increasing focus on regional areas should assist this, but its a slow process and the big landlords are yet to come to terms with the new world. For me, poor merchandising that has plagued them in the last 6 months is a temporary phenomenon and will be resolved (either by current mgt or a new team). I'm also not sure that TRS stocking 'crap' is a problem, as one persons crap is anothers bargain - this is what discount variety is all about.
Nonetheless, Crazypunter, you give us a balanced view and remind us that there is no such thing as a risk free investment. Looking forward to the full year results, whatever they may be.