Wait, are you for real? Because this sounds like something Joey would write about himself.
Let's take a look at your comments piece by piece.
1. Two profitable locations for many years. And yet the company itself at the parent level is losing money hand over first year after year. For many years. Think about that for a second. What this means is that there is massive amounts of wasteful spending and organizational bloat at the top. What this means is that Joey and his pals are siphoning those profits from the restaurants into their own pockets, spending money unnecessarily on other things, so that there's nothing left over for the shareholders.
2. For many years. Not to beat a dead horse, but there are two locations. How long should it take to expand? Parsi loves to brag about how over $9M has been invested in this concept as if that means the company's value is $9M. Nope. That money is long gone. Do you consider spending $9M to open two locations a success?
3. CEO of a public company. First of all, Parsi is on record saying that the cost of staying public is somewhere, I believe, in the ballpark of $400k. But he refuses to back those expenses up and justify how the breakdown works out -- because $400k for a company the size of Giggles is ridiculous. Even if Parsi had a full-time in-house attorney and accounting, it wouldn't/shouldn't cost $400k/year to report.
More crucially, Giggles never should have gone public to begin with. You don't go public with two or three locations. Parsi is too stupid to know that though. It's an ego stroke for him. Any jackass can take a company public. That isn't hard to do. Maximizing value for shareholders is the hard part and there is zero evidence in anything you've written that Parsi has EVER been able to deliver on that front, for 9+ years and counting.
So yeah, the criticism is easily justified. Parsi is a community college dropout, a failed stock broker who was "allowed to resign" from Ameritrade and who worked at Baron Chase where the company culture was wrought with fraudulent behavior. Parsi is just as sketchy as he looks.
AI
