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Non-Tech : Just For Feet (FEET)

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To: lanac who wrote (385)	9/30/1997 2:56:00 PM
From: Walter High	of 750

FEET colleagues: I was a little wary about the interview because of the references to future debt. FEET has always had plenty of cash in the till and has been able to finance its expansion from profits. Harold indicated that that will continue to be the case with the superstores, but seemed to think that the smaller-format stores will require some assumption of debt. The previous message indicated that it was a remote possibility that FEET would assume debt, but I had a different impression. It seemed more like a distinct possibility to me. I have recorded the interview so that my wife can watch it tonight. I will listen closely for what Harold said in that regard and report back. The general tone seemed to me that Harold is not backing down at all on the acquisition of the smaller stores and intends to push ahead to make them profitable. That's fine if it can be done, but I have my doubts. I am very wary of FEET taking on debt to finance more smaller store acquisitions or to renovate the ones it already has. What was anyone else's impression about the smaller stores? Was Harold talking about expansion or about pumping money into the ones FEET already has? Walter High

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