This is a screaming sell, page-4

I don't think the current SP makes for a good entry point - would need to wait for release of 1H16 on 17 March 2016 to see what progress is being made with the new strategy.

I don't agree with your assessment that this business is a 'zero moat business.'

Having access to long term, relatively cheap rent spaces within major Australian shopping centres is useful - particularly if utilised with a business strategy aimed at providing concession stand arrangements for branded products to bring their own staff in to move product and take your clip of sales and a rental charge along the way. Staff at these concession stores are going to be more motivated to sell product than MYR staff and if sales don't perform it is easier to move the brand on for something else.

Umbers has also started to make the difficult change in reconfiguring store labour to provide greater flexibility so that staffing within stores better matches demand from customers. It is my understanding some stores had significant levels of full time staff (90%+) - meaning they were overstaffed during the work week when there were few sales and understaffed during the weekend and nights (as there was limited room in store labour budgets for casual/part time staff for these periods). Hiring more casual staff during Christmas 2015 and keeping more of them on after Christmas (when they are usually let go) has helped make this transition as well as the unfortunate need for terminations.