Agree that the tangible asset base will be of less significance...

Agree that the tangible asset base will be of less significance if/when company profit increases. But without those profits (which they have not yet demonstrated they can achieve), the tangible assets are all that really serve to mitigate risk... so for now there is significant risk.

Also agree that under-staffing is a management issue... failing to attract and retain people is a concern as evidenced by the number of "positions vacant". But the high cost of goods (COGS) due to the complex supply chain setup and the fact they are dealing with handmade, fresh food items means that that there is cost pressure on other aspects of the business. The next highest cost to this business will be employment costs, hence I believe they are under pressure to run the outlets in an ultra-tight fashion. Customers will from time-to-time perceive under-staffing or low service standards, even if this is not the culture of the business.