Quote:
The company has retail stores in New York and Minneapolis and there were plans to open stores in Chicago and Toronto. But the company recently announced it would not put any capital expenditures into retail stores until at least May 31, 2017. At a meeting last June with the board of directors, which includes Edmonton Oilers president Bob Nicholson, Roustan said in a media release that he pleaded with the board to “reverse (its) Bauer retail store strategy,” but, “I was unable to convince them that retail partners would likely react negatively to the abrupt change in business strategy and reduce their purchase of Bauer, Easton and Cascade products.”
The price of stock in the company dropped quickly and dramatically, going from a high of $22 (U.S) last June to its current value of about $3.50. When the company revised its quarterly earnings forecast two weeks ago and said they would be down by about 31 percent, the stock price went from $8.95 to $2.95 in a matter of hours. It’s believed investors have lost in excess of $400 million with the drop in price of the stock.
|
Well that's unsurprising, knew there had to be an Oiler connection on a massive failure story.
What has Nicholson done up there? Zero. Worse than zero. Another person who lives on their past reputation and assumed that he could (and that the Oilers in charge that hired him) just step in and turn the Oilers in to Hockey Canada. Problem is, funds aren't unlimited in Edmonton, and results matter in judging your job as President.
For his many faults, at least Lowe did something as a player and jumped his way up, whereas Nicholson won an election and then by default was the one that the media and large corporate sponsors had to gladhand to get a part of the national and Olympic team profit pie the last decade and a half before he left.