Just got off the phone with PNGB CEO Charles Lesser: My Wow is Restored! HERE'S A GUY WHO KNOWS WHAT IT TAKES TO SUCCEED, HAS A PLAN... AND DOING IT... VERY POSITIVE THINGS COMING!!
I typed, with his permission, as fast as I could...
OVERALL - BACK TO WHERE WE WERE IN REVENUE: "We're in a turn around situation... in all honesty we've streamlined expenses. We're back to where we were in revenue, will be back next quarter... focused on business... three brands, three targets, different price points... low end, medium/department, botiques... 2010 is clean-up year... 48 employees still... goal is to raise revenue without expenses, offices, systems, staff....
ON BUSINESS STRUCTURE: "We have a good structure, good people... we're over production issues... have shipping operations, consumer productions... name of game is to focus. Question 1: How do we grow top line? Not selling to any crappy stores. Real goal: how do we grow the top...
ON MARKET/PRODUCT- DRAMATICALLY BETTER...: "Market is suprisingly good... our products are dramatically better than they were 10 months ago... 2 of 3 have new designers, product is dramatically improved, only way to work is to really give your customer incredible value... one is a bargain....
"Many of stores we're in you keep hearing good things about... we're out of garbage stores, took knocks with two bankruptces [those stores, not Panglobal].... we're in JCPenny, trying to get into Kohls... looking at Sears... the only companies that go out of business are those who forget about their customer...
WEBSITE: "New and dramatically improved website is forthcoming... focussing on business is job one... "
DELISTING: He was dismayed by this possibility, particularly because "an accountant dropped the ball"... they are taking actions to avoid, but he thinks it may be unavoidable... he's not too phased by it... [I respect that they informed us all of this eventuality...].
Charles is very well-spoken, and tuned into the industry, the pulse of the market, and where Panglobal needs to be... and doing it. I recommended he have go on record through an interview, release, pod-cast (etc.)... I mentioned he gave me enough content in my little interview to cause a very favorable/positive turn in investor confidence with Panglobal. He was very receptive to that, but just so focussed on the business... I wouldn't be surprised if we don't see something very soon.
GO PNGB!!!!
Over and out.
Greg
FoS
