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Granite City Food & Brewery Ltd. Message Board

  • RabbiBerman RabbiBerman Jul 7, 2011 12:59 PM Flag

    Lack of honest discussion by management.

    GCGB conference calls focus on company sales, gross margins, average guest check, etc. There is NO discussion of the condition of the GCFB balance sheet. By any definition you wish to choose, the company is insolvent. They are not able to pay their bills as they become due. It can be strongly argued that the company is teetering on bankruptcy. Yet, there is absolutely no mention of either of these glaring conditions during conference calls.

    The shareholders of this company deserve honest leadership and discussion of the condition of GCFB.

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    • The balance sheet is awful. They are horribly undercapitalized. They need to raise equity - period. They are on the brink of bankruptcy. I can't imagine a worse situation.

    • Hi Cards. It's been a while! Now in complete hindsight it is obvious that those numbers were born completely out of necessity. Rabbi, you don't know this cuz you haven't been around for most of this, but the trouble arose out of the original business plan before they even went public. They built three full breweries and used a lot of debt. The plan was to get things rolling, do a big public and clean up the balance sheet. But then that whole issue with the economy, commodity prices, etc. screwed that all up. Frankly, the fact that they're still around, all be it with massive dilution is pretty remarkable. In actuality balance sheet wise the company is probably in the best shape it has ever been. That don't mean it's great, but it's the truth...

    • Wagenheim,for lack of a better word, is a BS'er. He has no use for the facts and is only interested in impressing and persuading people. That, in a nutshell, has been the leadership/management issue and downfall with GCFB. Let's hope the new management team have their heads on straight and right this sinking ship.

    • From the beginning this company has been mismanaged. Steve was blind to what was going on, Eric and Smokey are and were a joke, losing Tim (the smartest of the bunch)...why should it be any different now? GCFB is just one long train wreck.

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