Who are you kidding? What liquidation value? They own a few stores and they lease a few more.
The equipment second hand is worth about 10c in the dollar.
The brand - well - if you liquidated the company that would be worth nothing.
Nah - there is not 120 million in liquidation value there. No way.
The ONLY hope that SP have is that they can find 100 stores making 200K or some equivalent variant ...
I do not think they can do it BUT I stand behind my suggestion as to Cooper's strategy - that is what he is trying to do. And to do it he has to fold in the franchisees.
He has a weak hand (which is why he does not publish accounts). The franchisees have a weak hand too. They make no money and their debt is guaranteed by KKD which means it is guaranteed by something that would normally get eaten by dung beatles.