I think it's a whole lot less risky than it was yesterday. A lot of bad decisions got priced in today - in fact the enterprise itself is valued at $0 - it's priced at net assets. No net debt and is still making money, albeit less than last year. It pays a healthy dividend, that it still earns as of this moment. It could also get a take-out bid, as there is a lot of good real estate here.
The ongoing risk is that margins and earnings continue to deteriorate and eventually they cut the dividend and start losing money. It could happen if management doesn't wake up and fix the problems. The BOD and management had better wake up and do something.
I think it's worth taking a flyer on this one. I bought a little today. Could be its biggest volume day, ever. It feels like a capitulation but it could drift lower for a few days or weeks. Look at what DKS did back in Aug 2005. It blew up on record volume when management hinted that an acquisition they had done was not working out as smoothly as they had hoped. Felt like a washout, but it continued to drift lower for another two months before it finally rebounded.