CR chose the board- company needs marketing and bean counters not music industry folks! SNOOP didn't work!
Chris Reed hand picked the board. He is still in charge.
Reeds now has $13.5MM in debt at 14% interest (last quarter they paid 28% interest). They had to sell some equity to friends so they don't go Chap 11. They would love to see the stock at $3 so they could sell 5 million shares. Their sugery drinks are out of favor especially at $1.50 for 12oz bottle.
Bello bot shares from the Reeds in the 810,000 offering to save the company. Reeds is despirate for money. The press reelase is pretty misleading.
71% of the volume lost during the second quarter was driven by what we now define as noncore, products such as Kombucha, private level and candy. STUPID- Kombucha flavors were the best out there as others are scrub water. Kevita has 2 fairly good flavors and Reed's could have easily toppled on taste. Management going after soda is foolish. I think CR will jump ship and align with others.
i think that barring any really stupid moves that the stock is close to bottom. they are functionally bankrupt however and have no money because chris the clown blew it all on 20 years of incompetent management. what does he say when he is on a panel? how i blew a billion dollar business and had to avoid bankruptcy by ripping off shareholders? is that the lecture?
they threw in the towel on non-core because the problems are so replete, they cannot fix it all. kombucha is dead. they will try and make a small profit on soda and ginger. mature markets well owned by other companies. they will try to claw market share.
i was right on literally everything and the royal scammer chris the moron reed was wrong - on every single thing he touched.
There were no analysts on the call. This isn't good if you believe the turnaround story. They will show up after the company has about 3 quarters of improving results and the stock price has doubled. They have LA plant running at capacity and lots of the right inventory. No more stock outs, etc. Margins are increasing. Let's see if they can really market the core products.
i am hoping the bottom is in and the conference call is confident with better strategy than raise the price.
worse than i even expected for last quarter. sadly, the turnaround work needed here is a multi-year process. every single aspect of the company is a failure and a marketing disaster. will be very hard to fix, but we will have to see. critical that chris the clown not have anything to do with anything. or any real power. and that is simply not believable.
the new board is really doing a fabulous job for the last 8 months. really impressive. you know the investors are writing off the company when the new ceo announcement doesnt cause the stock to go up a cent. the earings this q will be devasting. massive losses, no cash and a lot of promises that wont happen because the company's reputation and market share is over. done. squandered by a hubristic clown who sits on panels of experts not mentioning that he didnt build a thing and has an insolvent company.
and of course whoel foods dumped this company. everything they touch turns to #$%$. they have better vendors with better products. its is 2017 not 1997.
Went to Whole Foods- we don't carry Reeds Kombucha anymore? Wonder if its a case of CR not being able to work with others and not having control that has put this ship from rough seas to on the rocks?
In an interview with BevNET, Stalowir explained that, after investing in a new production facility in Los Angeles that went online last year, Reed’s is well-positioned to reduce costs and operate more efficiently moving forward.
Another band aid approach. Shareholders are feeling the pain. This Cash will help fill the coffers for another 6 to 9 months, help make sure payroll doesn't bounce, and that's it. Toomany times these bozos move from one company to another, re-adjust their golden parachute, milk shareholders to death, and move on. REED was once a noval company with products that appealed, now they have lost their way, and are caught in a downward spiral. I told you longs to sell, now all you can do is holdon to those shares as the dilution will continue for years. This is but the first go around. Sad, but true.
These #$%$, carpetbaggers, worst thieves I think I've ever seen. Yes, Chris was a visionary kook, but a vacant business leaders, but these idiots that took the helm, boy, they are flying the plane in a nosedive right into the cliff. Get an ethical sharp leader in front of this or I hope all the warrant vultures lose out.
I told you longs a month ago to get out. Now today you are feeling the pain. On to a buck per share. The slow grind down. Maybe, Jennifer Cue will offer to buy REED for say .25 cents a share. JSDA hit bottom and has floundered around the .50 cent range for years. REED will be next. Misery loves company. Enjoy the bumpy ride down......
wow. val takes over and the stock doesnt budge. just at a point where no one has any faith in the future of the company. i think this next q will be the worst in corporate history. chris reed reminds me so much of trump. same personality.