McGrath Nichols summonsed...., page-17

I was unaware that BooHoo had a few wobbles, but these UK matters definitely confirm that the online phenomena was situationally driven by the pandemic and its not a permanent change of buying habit, to the extent previously thought.
Interesting also to see the bankers reactions to bloated stock levels. It indicates a concern level.
Clearly many retailers stocked up big - but big with the right ‘merch’ is just a timing difference.
CCX are absolutely ‘over the top big with dubious merch’ and that’s not only a longer timing difference it’s also a margin shrinking problem and an obsolescence prob. I bet there are some CCX overstocked lines where some of the earlier sales are now in charity clothes stores competing with racks in the CCX shopping centres.
Our profit per sqm must have fallen through the floor and the extra cost whammies of interest and inflation plus the new consultant costs of some kind of 3rd party review make things worse. Plus the bakers will cover their asses with higher demands to cover their higher risks.
Got to be a massive swipe across the jaws of management and board with a dead fish.
The bankers are saying we’ve got to put your training wheels on again.
Unless this appointed bean counter has deep merchandising skills, I am afraid AI could write his report right now.