what the hell, take a punt, page-2

Pioupiou i am just about to join you and take the leap of faith that CPR will survive. they have paid the price of expanding at the wrong time which only with hindsight would you second guess their intentions. i agree its very hard to value CPR but even if they reduce the dividends to 2c ( 2 x 1c ) it is yield of around 25% based on current share price. also i think retailers have a fair bit more flexibility in their margins than some people give them credit for.
it comes down to risk vs reward and as you thoughtfully detailed in your post the positives could in time outweigh the negatives. at least worth a 4 to 6 months hold and see approach.