Fault? EASY.....Levra & Gang. They are incompetent. California hit hard?!? What a joke. I made a boatload on Oshmans, SportMart, Gart, Sports Authority, Big5, even DKS (but more on the short side than long side). Sport Chalet has burned EVERY single believer in the business. Say goodbye to MANY loyale customers. Great luck to almost all............
I will certainly not shoppe at Sport Chalet again. Nor will I recommend anyone else do either. They have burned (many) important bridges...Great luck to all.....
It is good to put this mess behind us. Did you look at the last quarter? If the bleeding didn't stop soon it wouldn't be long before there was no book equity left. It is easy to blame management and I'm not sure where the fault really lies. California was hit hard by the economic troubles and SPCH was never very profitable when times were good. I have questions as to whether the somewhat upscale big box concept can work in sporting goods.
The idea that there is liquidation value here is just plain silly. Ever seen a retail liquidation? The lenders end up losing and the shareholders get wiped out. And if there was more value here as a going concern why wouldn't someone step up and make an offer? Backtracking and saying that it should have sold at a higher price using some multiple of sales is like grasping at straws.
Deluded folks will always be with us. We can try to lead them to water but they won't drink. Good luck to you.
I hear the same load of garbage every time gas prices are up and folks like you say "hey, let's all boycott Exxon...we'll show them". Nobody will listen to you when you say "don't shop at Sport Chalet - they made me lose money on my investment"...they will laugh at you too.
obviously you did not have enough B shares to prevent this from happening.
get over yourself.
there are and will be no lawsuits, because there is no money to be made. you need to learn how Capitalism works.
you posted like an idiot for the past six weeks about how you're not giving up your shares, you're suing and going to court, blah, blah, blah. since you avoided answering my simple questions about what you have personally done on that front, obviously you have done absolutely nothing, and will do nothing, just as I've said. you can laugh about that all you like, because everyone else here is laughing at you.
Well said. They are a substandard bunch of waaaayyyyy OVERPAID fools. In order to dodge this disaster, one had to buy the stock exceedingly cheap. Thankfully I did but there are many who didn't and are getting the shaft. Great luck to you........
You make me laugh. I haven't been charged a restructuring fee of any kind for a decade or so. The benefits of having very good 'credit' and a large account. I had enough B shares alone to prevent this from happening, or allowing it to sail through -- depending on your point of view. I will be very interested to see how Levra & Gang were able to work the 'guaranteed delivery shares.' Trust me, something will be looked at. Can't guarantee a resolution suitable for those who wish to see capitalism practiced in the United States, but the best disinfectant is sunlight.........
Will get $75,000 for my A and B shares. Split pretty evenly, but a little more A than B. About $15,000 profit, when I should have had a multiple of that. Let's see what happens with the lawsuits. Trust me, there will be several of those.....
All JMHO. Great luck to all.............
Again, will not shop at a Sport Chalet EVER again. Neither will my friends, nor family, nor the sports teams I influence. SPCH has shot themselves in the foot. Granted, they have been doing this for years with a substandard manager like Levra and his Gang in charge.
What investigations? What "shake something loose"? There are no investigations. Simply ambulance chasers fishing to see how many dopes they can rope in.
Can you tell me more about your lawsuit and the attorney that you've spoken with? Obviously you have not and will not. You have some highly inflated sense of your personal self and the value of your shares and the company - all completely wrong.
It's over. Move along.
My suggestion to you - since most brokerages charge a "restructuring fee" or something similar on the order of about $30 when there is a buyout/tender like this, if you are able to sell your shares for $1.20 in the market, you may be better off doing that if you pay low or no commissions for your trades.
I agree, this is a disgrace. I have had other buyouts on other stocks and they took care of us shareholders. I feel sorry for anyone who works for this company. Only looking out for themselves.
Remember what goes around comes around. If you wasn't going to look out for the share holders you should have never gone public. It might be 100 of us, but we know thousands of others who will not shop either. Sport Chalet will be history in less than 5 years, mark my words!!!! You can't treat people bad and expect it not to come back!!!!
AFTER Levra nearly ran Sports Authority into the ground head-first. Olbertz a VERY POOR judge of character putting controlling interest with this maggot (MHO) and group of maggots. In my life I have NEVER seen a going concern sold for such a low multiple of P/S. Let the litigation begin. Levra & Gang should be ashamed of themselves, but ilk of this calibre rarely is. My only question is what 'side deal' is out there for Wedbush to vote their 2M shares into/FOR this SHAM? There is no way Ed would be THIS stupid. All JMHO.
Can't wait for the investigations to commence to shake something loose. All JMHO.
Great luck to almost all.............
I'm sure they'll survive without the 100 or so of you.
And FYI - it's Sport Chalet...you've gotten it wrong at least two different ways in your limited posts.
yes, vote means nothing:
"As a result of the purchase of Shares in the Offer and the purchase of the Family Shares, Merger Sub has sufficient voting power to approve the merger without the affirmative vote of any other Sport Chalet stockholder."
Yeah, it is a good thing they were able to get 90% and do a short form. We get $1.20 instead of $1.04 and we get it a lot faster.
Now we won't have to read the sock puppet posts and other silliness. It is amazing that someone can believe that this company has any liquidation value. Or that they didn't shop the deal for a better price. But there are a lot of folks out there who can't read the financials and see the writing on the wall. The last quarter was ugly.
As a result of the purchase of Shares in the Offer and the purchase of the Family Shares, Merger Sub has sufficient voting power to approve the merger without the affirmative vote of any other Sport Chalet stockholder. In order to accomplish the merger as a “short form” merger, Merger Sub currently intends to exercise its “top-up” option pursuant to the previously announced merger agreement between Vestis, Merger Sub and Sport Chalet, which permits Merger Sub to purchase additional Shares directly from Sport Chalet for $1.20 per Share (the same purchase price paid in the Offer). Based on the number of Class B shares validly tendered (excluding Class B shares tendered through Notices of Guaranteed Delivery that had not been delivered in settlement or satisfaction of such guarantee prior to acceptance of Shares in the Offer) and the Family Shares, which collectively represent approximately 89.0% of the outstanding Class B shares, Vestis expects to exercise the top-up option for approximately 173,500 Class B shares to enable it to accomplish the short-form merger.