I hear you. Glad I sold for a small loss back above $6 than waiting for this. At this point, ZLC is still owned mostly by institutions and I don't think they're selling. It would be a huge loss if they sold and I think most are counting on a return of consumer spending this year. Personally, I don't think it will come back anytime soon, and hope America has finally learned its lesson about living beyond one's means. I know for me and my house, I drive a paid-for vehicle and have a modest home. I'm paying off 50% of my credit card debt this week and paying the rest off over the next year. I'm tired of the stress that living on borrowed money creates.
That being said, people will always get married and engaged, and buy jewelry. I think part of the problem is that anyone can now go online and buy quality jewelry directly from India, Hong Kong, or China and save a lot of money. I've done it. Globalization has brought cheap, mostly quality products within reach of the American consumer, and THAT is the real problem with sales, IMHO. Look at the price of a new car. For example, the Ford Edge. I looked at one for 35K, and then went online and found a used 36K mile Edge of similar trim/options. It was 18K, and only 1.5 years older....new things are often just not worth it. The dealer told me most people go 6-7 years on the loan for it, which left me speechless. I can't imagine paying that long on a vehicle....I'd be better off putting whatever sales tax would cost into my paid-for vehicle than buying something like that and spending so much of my future income....
So, back to Zales. Even if they file for BK, the tangible book value (or value it would estimatedly be worth if they filed for BK today) is still higher than the PPS. This could very well be a good opportunity to buy. What concerns me is the fact that thier books apparently had a problem (enough to get sued over by so many law firms I can't keep up with the number of them), and people are leaving. That is something one usually sees with a penny stock scam; not a company that is 95% owned by institutions. Wait and see?
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