SPCH has now lost half its value in about 6 months. I am a long term holder of this stock who saw the writing on the wall with the subprime mess and SPCH's unique exposure to So. Cal, Arizona and Las Vegas (the sub prime axis of evil). I was able to get rid of about half of my holdings in the mid $9 range before the stock collapsed. Very hard to dump and run on such a thinly traded stock.
I guess the management team is learning a valuable, albeit costly lesson here. There is more to running a business than just running a business. Good merchandise sold by well trained sales people in great facilities is only half of it. The combination of toxic regional exposure and poor economies of scale necessitated the timely merging with a bigger/healthier player (hello Dicks!). Levra and the gang just couldn't see themselves to giving up their autonomy and as a result they cost everyone (including themselves) a ton of money.
At this point, I think the stock price reflects more of a psychotic panic than true valuation. Might as well strap ourselves in at this point and see what comes of it. No idea if Dicks is interested in SPCH now or whether they would be able to get their hands on the cash to buy SPCH if so inclined (I'll take Dicks stock, Craig - if they are offering). In either case, it is a shame knowing that if Levra and Co. had come to this realization a year ago, we'd all be looking a lot smarter now.