They said they're looking to have their refi by the end of May.
Let's see if they can do it. Based upon the moves they've made to date, and the underlying liquidity they still have on the balance sheet, I fully expect they WILL be able to clinch a deal. The only problem is the super high interest rate they are proposed to pay. Based upon the high rate, I'd personally like to see them put the company up for sale, once they clinch a deal....since I think a synergistic buyer here, in the context of a full and fair auction of the company, might very well be willing to pay $1.50 for the company.
A bird in the hand is worth more than two in the bush...especially considering the 100% unacceptable operating history here, under the current CEO.
They have to act FAST! Pawnshop loan rates will kill them. Must sell dead real estate, unload bad inventory, and scramble to sell what's left: accounts, brands, not much else left. (Hope they weren't so stupid to have given away Yoakum Eagle Ford minerals) $2 per share is possible if they hustle. CEO is/has been a total DISASTER.
Well, I don't they should be "piecemealing" out the whole company. They need to sell it intact.
I think the old Swank, Inc. would be a fantastic buyer for TBAC. Once we get a bank refi in place, then the equityholders can be in full control of our destiny, with regard to a sale. No fire sale, at that point...especially with $6-7 million in annualized cost cuts on the way, per the recent earnings release. (And I'm sure a synergistic buyer could cut out even more expenses.)
This industry needs more consolidation....and our stock price is cheap enough now, and the history of losses under this management team horrendous enough, such that it is time for Tandy Brands to be sold to the highest bidder.