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Granite City Food & Brewery Ltd. Message Board

  • wawallace wawallace Dec 16, 2007 11:08 PM Flag

    The sun is not yet setting

    I agree that the recent price decline seems to be a harbinger of future destruction. Also, these guys don't seem to be very good from an operations efficiency standpoint, or a capital management standpoint. However, I'm in close proximity to three stores (based on home, work and parents) and all three of them are impossible to get a seat in, have great food and a loyal following, have employees that appear to be ecstatic to work there and are in prime locations for same-store-sales growth.

    With all this in mind, I firmly believe that the concept will create incentive at the point of critical mass, for someone to swoop in and seize control from the group of special education students that is currently running this company as a home economics project.

    If it makes you feel any better, look at this chart that compares GCFB to some of her competitors. A lot of this decline is industry specific:


    http://finance.yahoo.com/charts#chart5:symbol=gcfb;range=ytd;compare=pnra+dri+eat;charttype=line;crosshair=on;logscale=on;source=undefined

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    • i am a regular visitor to the GCFB here in Davenport, and,yes, its always a wait to be seated for dinner or the sunday brunch.
      is it poor management alone that is responsible for the stock price being what it is right now, or does the perceived weakness in the economy playing a part, too?

      in the overall market, many of the restaurant stocks are taking a beating, why should GCFB be immune to that?

      • 2 Replies to Fan643
      • I too frequent the Davenport restaurant, and cannot see the reason for the recent decline. I asked our waitress about business, and she said that she has not seen any change since she has worked there (1yr).

      • I think it is a combination of both; however, they have exhibited an interest in hiring people that can handle the job as scale increases. So I'm sure that they are not unaware that they have a problem.

        My point about the full stores is that they will make the mouths of qualified candidates water, such as Darius. I am not, however, ready to jump aboard the "Darius Bandwagon" quite yet. But if we see some improvements in margin we will know that "problem 1" (poor operations) has been, or is in the process of being, solved.

        As for the turnover in CFO's, everyone thinks that there is "book cooking" going on. I'm more inclined to think that it is a tough job for someone to manage capital in a situation such as this, especially with the entire sector getting hammered. This company is capital starved and needs to find someone that can effectively balance between dilution and debt to help the company grow. Shoring up operations to increase existing store efficiency is the first step in moving this process along.

        I'm still excited about this company, and I think that they have let us know, clearly, that they understand these problems better than we do.

    • Unfortunately full restaraunts does not good management make.

      I've been hearing the grumblings of poor /mismanagement through the grapevine of a former kitchen manager who still maintains contacts inside the company.

      Mismanagement will close the doors of any company almost as fast as poor service and poor product. At least GCFB only has the problem with management. for now.

 
GCFB
1.59-0.11(-6.47%)Sep 17 3:55 PMEDT

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