Day two of their promotion and they screwed up again. Does Coca Cola have an technology department? I guess not a competent one!
Coke's biggest promotion of the year and everybody told them their servers would crash and they did! Just irritated a million customers! Great job Coke!
Check out their My Coke Rewards facebook page. They ticked off a lot of their customers again. They seem like they have idiots writing their promos, as they promise their customers one thing but then the reality is they meant something vastly different.
They have created a major embarrassment irritating hundreds of thousands of the MyCokeRewards loyal customers. The site crashed when they released their special for today. Then after advertising consumers could get 4 products all month, they changed it at the last minute to 1. Getting blasted big time on the internet. Nice job Coke!
Their Hotmail systems has been severely broke for 3 weeks with millions of complaints and they can't fix it. It works occassionally but rarely!
Says something about Microsoft
No short term chance of bankruptcy for probably 18 - 24 months, but I don't think we'll see that. My guess is that a deal will happen for under $27 within 3 weeks.
ABS could dump the drug side to CVS to buy a little time, but that does little to stem the bleeding. Unfortunately its sad but tens of thousands of ABS employees will be out of a job whether a financial firm closes their hundreds of underperforming stores or ABS does it themselves.
ABS is losing key people fast so their is no long term potential here, even if they change the top soon. Twelve months if they around they will have to have another round of closings and losses. Then the vendor terms will start to get tight and things could change quickly.
But I would guess (but not with my money) that they will get the original proposal signed as they don't have a real alternative.
Best of Luck to all who will be out of work soon. Really crappy timing by the board with the holidays. But they wait until end of January before any major closings.
I think the SEC investigation is trying to establish a policy over when a retailer/distributor can record the funds from the distributor. The real question for Nash is in the audit will they find the same thing that Kmart, Fleming and Ahold apparently did which is leverage the current industry practice into making claims that can't be substantiated or earned from vendors and then making larger claims each of the following periods.
Essentially you could write down the value of the last incorrect claim, but then record income for a larger one for the next period. Niether may be valid and would be fraud.
I don't know this but the speculation would take you there.
Losing $3-4 billion in Kmart business
Lost $1 billion in business from other accounts the last 2 years.
Current stores probably having same stores sales losses of 2-4% or more.
Close 3-4 or more DC's
Lost many of their best people over the last 2 years.
Need to further reconcile their convenience store network since this is their only growing business
Where an accountant. How many write offs have they taken over the last 5 years.
No real profitabiltiy, just periodic profits from writing off assets constantly so that a couple of quarters of operating earnings can look mediocre.
Lawsuits up the wazoo
Minimal Target business, lost a ton of it to SV
Albertsons - give it some time.
Increase DC cost from low volume
Less buying clout making them less competitive in getting major accounts
Next claim to fame will be 2nd largest convenience store wholesaler
Is $2 a share right price or $4
I don't know but things definitely aren't going in the right direction.