The business model is flawed because they don't control the...

The business model is flawed because they don't control the transactions.

They don't advertise prices so buyers need to contact the seller to request them, once they've made contact there's no need for Kaddy. Kaddy might as well be a junk mail catalog.

Under the Wine Depot system they processed all of the transactions, warehoused the stock, facilitated the deliveries. One order, One invoice, One delivery remember?

Leakage is obviously a serious problem if they've slashed their fees from 5% to 1% and blamed it for the GMV decline. The scale required to make any profit from a 1% transaction fee is out of reach when GMV is going backwards this early.

Partons is their only real avenue for generating revenue but they can't even staff it correctly and haven't been able to get users to engage with it. They're paying drivers $20 an hour and capping capacity because they can't find staff. Get those executives into jumpsuits and deliver those kegs!

The only thing they've done consistently is make excuses.

Everyone is looking for a complicated answer and explanation of what happened but it's really simple. They botched it.