This name is looking absolutely dead.
Since the AFR investigations flagged they'd not been passing on customs duties properly, they're now expecting to make close to zero EBITDA in the final quarter of the year. Of course, they're telling the market that's due to discounting... They're a discount retailer! they're always discounting goods, that's literally their entire business.
It's looking very much like, where there was smoke, there was indeed fire. It explains why Dean Mintz has been so active over the years reducing his own exposure.
I wont call this fraud, because I don't know for certain that is what has occurred, but it is very suspicious. Considering these red flags, even at $1 it does not represent value for money. I sold out a long time ago, and if I hadn't, I'd be exiting at these prices. Better to get something than nothing - it isnt the first name we've seen implode in the space afterall - farfetch anyone???
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