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Strategies & Market Trends : The Art of Investing

PICK 49.91

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Dec 19 4:00 PM EST

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sixty2nds

To: sixty2nds who wrote (7479)	9/6/2023 9:57:05 AM
From: Sean Collett	1 Recommendation Read Replies (1) of 10704

Will be interesting to see what their next movements are. They have some debentures coming due in October and as such will benefit from some exchange indemnifications but this will see them pay those 1.75% debentures off too. They paid off their 4.375% senior notes and are continuing to make progress. Zulily is gone which will remove a significant drag on them. I am hoping they can remove Cornorstone Brands too and just focus on QVC/HSN. They're going to get another delisting warning at some point and then will need to make the tough call. Execute the already approved reverse stock split or attempt a portion of a buyback at these levels? They had around 383M shares outstanding and could retire 20% for $57M; leaving them with still hundreds of millions of FCF to address debt or whatever else. IMO the concerns on bankruptcy are way overblown. A reveres stock split may do more harm to them in this recovery period though. -Sean

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