All bottom line cost cutting, no top-line growth. One-time charges (sale of Mimi's, sale of HQ campus) have been used as poor quarterly performance excuses. Eventually they will run out of one-time charges. That's when the rubber will meet the road.
It will be interesting to see how Sanhill would deal with any major downturn in share price below the $55.00 that they purchased so many shares at. A correction of 10% or more below their entry point would prompt some serious revisiting of their original strategy for taking their 5% stake in BOBE.