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Well, now that you mention it, Joe did talk about the company Giant Tiger, but I have to admit, I was doing some work on my computer (IM with one of my store managers) and did not fully listen to what he was saying about them.
Giant Tiger is a low end clothing store from what I know.
What do you know about them and who is the president?
Regarding Joe Ettore
Sorry I did not get the chance to write earlier, I am in retail and you've got to know how busy retail is right now.
Here is the deal
I had a nice conversation with Joe, he might be a little over the hill and out of touch with today's consumer, but a really nice guy for sure.
He confirmed that Tom signed a multimillion dollar line of credit with Wells Fargo. He told me that half the money would go to pay down the Hacketts debt and the rest to be used for working capital.
He also told me that Tom introduced him to a real sharp exec from Canada. He did not tell me the guys name, but did tell me that the guy either is or was (I was not clear on this) the president of the largest department store chain in Canada.
Funny, I just saw that a franchise company I watch went belly up in Canada. That is another story and for sure, not the guy we want to run our operation.
Joe could not tell me the outcome of the conversation of the Canadian guy but said that he (Joe) would love to see this guy take over our company and make it grow.
I am told that the last one in Quebec Canada closed in November and that was the last one in Canada.
They are out of Canada now, or so I am told.
This company seems to be going the wrong way.
Yes, sorry. Tis the season, you know.
This Joe!
Joe Ettore has agreed to join the board of directors of its wholly owned subsidiary, Patrick Hackett Hardware Company (“Hacketts”). Mr. Ettore, who was instrumental in the formation and success of WiseBuys Stores, Inc., has over forty years of retail experience, including leading multi-billion revenue companies.
Anything such as my conversation with Joe, for example?
You missed it all right
Nope, you are wrong. I said an announcement for a company exec not an announcement for a board member.
It falls back to the management and the management process. It seems to have gotten lost along the way is SOME stores. We need to find our way and to set our goals to be the best we can be.
I visited the 3 Hacketts in Canton, Ogdensberg and Massena.
The Ogdensberg store is a beauty.
Nicely laid out but the one thing I saw in all the stores was the lack of salespeople on the floor and the ones I did find were not well trained.
That is why I harp on the fact that this company needs a powerhouse CEO who knows the retail business well.
For a store to compete against anyone, especially Wal-Mart, you need to have well educated staff. Not school smart, store smart.
That is what seems to be lacking in all 3 of the Hacketts. This will only get worse when more stores are rolled out and when all the Wise Buys stores get rolled into the Hacketts brand.
That was my take on it, anyone else been there?
Manny
The constant discussions here of the true value of this or any stock is simply too mindless to fully comment upon.
If this were some sort of oil, gas or mineral stock, sure, go ahead and guess the value. Predict the value, spend time discussing what the value would be, should be or could be.
We have a much simpler way of understanding the value of our company, and that is by the top and bottom line.
This is a real company. It has employees, leases, sales, etc.
Have any of you been to our stores to see what we are all about? I have, and I have because I am an investor. I care about my investment.
If you want to understand who we are and what we do, wait for the combined financial statements which will have the real sales reports. Then make comments on the real thing instead of mindless guesses.
If you think this is a pump and dump, think again. There is real money invested in real operations and if you dont understand that, then go find another place to hang your hat.
I have hung mine here and so have many other smart investors.
For the rest of you, either smarten up or move on. But dont waste the boards time on your mindless chatter.
Manny
I am sorry, but what you suggest is short term thinking.
This is a long term company and it takes time to build a titan.
The people who got in cheap, which to me, is anything under .25, will reap the reward when this company begins to properly operate.
This is not rocket science.
For this company to succeed, it must first get its house in order, get sales happening and a strong bottom line.
Forget about the shares for now.
I think it would be better spent to
1. pay off Hackett
2. working capital to run the business
Okay,
what if the former senior VP of one of the largest department store chains in the world joined as the President of our chain?
What if this guy has a proven record as a merchant?
Would that make a difference to you?
It would make a difference to our company.
That would be something but I doubt it will happen.
Why would Yahoo do it?
Agreed, I am very surprised by the effect Joe had on the stock.
Guess you never can tell.
Here is my thoughts, Joe will be more of a "think tank" for our company and not an active executive.
I still think there will be more news about an executive joining the operation. That is what is needed, in my opinion.
Regarding the credit line, that should be good for our stock, and it will be good for our company.
We need to see how the investment community sees it.
He sold out and it went to new management.
He was a great success.
The PR on the board member came out as predicted. He is a strong chairman.
Aimes was a great company.
Why was I banned form BKMP??
I would say, based upon the banking business for retailers, the following:
Wells Fargo has been going after retailers for the past 12 months, look for a LOC of between 5 and 7 million dollars.
They are the best bet, count on it!
Again, we will know once Seaway signs the deal and makes the announcement.
I hope we have a PR today about the new credit line, I am told that the bank will be WF.
Remember, dont shoot the messenger!
My mistake, not emails posts on this board.
LOL
You had better read the emails again or learn better manners.
Whatever works for you.
No problem, thanks.
Just hang on another day or two.
Big news is still coming.
Tom is on the ball.
How about this, Seaway needs a line of credit in order to power both the new company (all 10 stores) and to give them the breathing space they need to buy, market and merchandise the company properly. Remember, this is a bricks and mortar company.
The company is up and running, real stores, real employees and real customers.
The combined operation can easily be a 50 million dollar per year retail operation.
Look for news about a new credit line to go along with the new key management.
And let me tell you, getting a credit line for an up and coming retail chain is no easy feat.
Just keep this in mind and then just watch the news. When it breaks you can remember that once again, you heard it here, first.
Sorry, guys, it is not a tease. Maybe I should not have said anything at all, I simply wanted to let the board know that as busy as Tom is, he still has time to talk to small time investors like me.
I know, we are still a small company, but how many other CEO's or CFO's for that matter, take the time to talk to us little guys?
He has always been a straight shooter with me, never gives me "insider" information, always answers all questions with honesty. I am careful not to ask him anything which might be considered insider so it works out well.
He took time off this weekend for the first time in a long time. Good for him! He is very happy that he closed the deal on Wednesday and there is still the basic housekeeping that needs to be done when a deal like this closes.
He was late for a meeting and could not speak much longer than the few questions that I had but told me or actually, hinted to me that he will be meeting with some potential, important people who could help bring the retail chain into the next dimension this week.
So, that is all I can share at this point. Tom said that I could call him later in the week for an update.
Also, he is very aware of this board and hopes that we keep our conversation civil. I do not think that he actually reads the board but others have emailed him and told him about it.
Had a nice conversation with Tom today.
Lot's of exciting things in the pipeline.
Hang on folks, goods things are on the way.
We just closed on Wednesday, the ink is hardly dry.
If you are not able to invest and watch your investment grow, then stop speculating.
We need to get past the next 2 or 3 quarters for this one to gel.
Listen people, stay calm.
There is a great deal of fraud and OTCBB and PK shells, no doubt about it.
I do not think that this is one of the frauds.
I have spoken to Tom and I have taken an in depth look at the actual company, sometimes the filings simply do not tell the whole story.
This is a retail operation and it looks like a good one. Let the company run, watch how the sales this quarter will fuel the expansion and its success.
If you want an easy ride, look elsewhere, if you want to ride a rocket, well, you are at the right place.
No, I think he is from a large department store chain which got sold to an even larger chain.
Either way, he is the man!
Any time
Next week.
I hope to have the scoop to post on Wed or Thur.
At the current price, it is still a great deal.
No, retail not construction!
LOL
Good morning to you
Count on it
The coffee might have been bad, the if the donut recipe was the same as down here, then they should have made a killing up there.
KKD is dying in Mexico, too.
What a bust
Like I said before, pyscho, it takes a bit more than older retailers to make this baby rocket.
You need a guy who is current and Tom will make the announcement soon, just you wait and see.
One man will not make the difference, but mark my words, you will soon be hearing about a heavy weight who will be coming on board and HE will make all the difference.
I have not been wrong here yet, check and see!
An announcement will be coming soon.
This company will really rock!
Go Tom
I predict that Tom will bring in a new CEO, someone with wider success.
We want to see the chain cross the country and maybe cross international borders, too.
Just look at the expansion success of Wal-Mart, world wide.