I accept just about all of that but I think it is more about...

I accept just about all of that but I think it is more about execution rather than broken business models.

I think RFG have been moving too fast and into too many different areas. Like a juggler with more and more balls in the air. In my view they just need to allow the right management of each unit to work through the mix of product offering, store profitability and profit share structures and probably clip a little less from each ticket so to speak. Also trim back their overheads. Selling a brand could also be an option to reduce debt.
They never should have been paying the dividends they paid whilst in such a growth phase. There have been many poor decisions by management and a lot of people have been wounded along the way by this mismanagement.