IMO the $60m provision against stock was an admittance that...

IMO the $60m provision against stock was an admittance that management had previously wasted $60m in shareholder funds in inventory whose value would not be recovered at cost.

IMO closing down 363 stores within two months requires stock to be sold at less than cost value to minimise the amount of stock needing to be transported to a warehouse for online or clearance sale afterwards.

IMO management made stupid decisions to speculatively buy private label inventory in 2015 to improve GM with little consideration of stock turn. Inability to turn the stock locked up cash requiring significant draw down on debt facilities to fix (I.e. New stock purchases and funding of trading costs).