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Sports Authority (TSA) Message Board

  • sundevil94 sundevil94 May 8, 1998 1:21 AM Flag

    What is the CEO's Main Responsibility

    I was under the impression that the main job of a
    ceo or President of a corporation was to look out for
    shareholder value. It does not appear to me that the upper
    management was looking out for TSA shareholders. Now
    shareholders have to hope that woolworths stock trades up
    because they stole the company, and TSA should trade
    together with woolworth. Everyone better hope the
    employment numbers are good. I am a little disgusted with
    this deal.

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    • The TSA deal is a bad deal for Woolworth. They
      have been shedding divisions that have been losing
      money...now he's buying them...
      in a mall they will have
      Lady Foot, Men's Foot, Kid's Foot.
      Champ's, Kinney
      and now TSA selling basically the same items in one
      form or another. I heard Jack had to sell because the
      next two quarters spelled diaster... Kmart spun this
      off... no money .... it was a mess and under Jack's
      leadership it became a bigger mess.The person bought in from
      Staples told him to head for the exit in a hurry
      ...that's why it happened so fast otherwise... Jack has too
      big of an ego and thought he could save it.
      do
      you actually think they are going to continue to let
      Jack run the company he's history within a few
      months... his ego is as big as Farah and Hilpert's ( Mr 3
      dollar shoes). This buyout was
      a major sell signal of
      Z stock, Dumb Dumb & Dumber

    • We all can go to the bar and get bombed, that way
      we will be numbed and we won't know what hit us!!
      BTW: I went by the nearest TSA store today, and by
      BS'ing with some of the sale clerks, they kinda have the
      same feeling as us, they weren't "happy campers".

    • I never guessed! I got my stockholders proxy and
      annual report and thought gee, this looks real good.
      Immediately returned the proxy with great anticipation. Now,I
      really feel crushed and the votes already in. I think
      this is a stupid move on the part of TSA. Financially
      I can't throw in the towel yet. Maybe Jack can help
      me forget this happened.

    • This is our company too. Jack Smith may be the
      founder, but he and the BOARD OF DIRECTORE SOLD US OUT
      (small stockholders). What happen to his (Jack Smith)
      statement "working to increase your return on investment
      through improved shareholder value" on page 3 of the 1997
      annual report??? I don't see any improvement..
      So
      vote against #2&3 on your proxy statement.
      1. is to
      elect four directors(Jack is one of the four)
      2.
      more incentive bonus for top mgr.
      Read page#12 of
      the white pages with your annual report under the
      section"chane in control"and look at what type of $ Jack and
      other will make onthis deal.

      VOTE AGAINST THE
      FAT CATSAND LET THE SMALL STOCKHOLDERS SPEAK!!!

      • 1 Reply to dugstees
      • When the news came out last night, like most of
        you I was upset with the low price. After listening
        to the analyst conference call by TSA and Z, it was
        interesting to see that :
        1) Jack Smith sounded very shaky
        . . .I heard from some analysts that they think
        that this new company will have a hard time of
        it
        2)TSA will continue to go forward with previously laid
        out expansion plans
        3) TSA can walk away from the
        deal if the price of Z drops below $20.50 for a
        continuous 20 day period. This is possible due to the fact
        that Z's sales have been cut from $8.8bil in 95 to
        $6.2 billion in 98.
        4) The reason they said they
        merged now was because they said it was the bottom of
        the industry cycle and they wanted to be prepared to
        take advantage of mass consolidation in the
        industry
        Furthermore, I spoke with a highly knowledgable independent
        retail analyst last night. The positive from this merger
        is that it puts valuations on other industry plays.
        Best play in her opinion is Oshman's. Valuation that Z
        paid for TSA puts OSH's value (it closed at $6 last
        night) at $23.10. Z is paying 39% of revenues for TSA.
        Also, it speeds up an OSH deal due to the fact that
        they have 1)already cut most of their fat (closed 170+
        stores),2) have little debt due to the restructuring they
        have been going through for the last 3-5 years (OSH is
        limited to $50mm of revolving credit/debt which can be
        raised to $85mm for the Christmas season. However, it
        has to be brought back into compliance with the $50
        mm restriction after the season),3) high percentage
        of sales to mkt cap ($347mm revenues vs. $35mm mkt
        cap), and 4)dominance in southwest (primarily Texas and
        California). I AM TURNING A RETREAT FROM THE LOW MERGER PRICE
        OF TSA BY Z INTO A CHARGE AND I AM GOING TO BUY
        OTHER COMPANIES IN THE INDUSTRY. OSH SEEMS NEXT LOGICAL
        CANDIDATE.