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By Tom Winnifrith | Monday 7 May 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Folli Folie, the Greek fraudsters, today attempted to refuse claims by Gabriel Grego that they were lying, inter alia, about store numbers and so in a release to the Athens Stock Exchange published a list of 587 stores. It has taken me one hour to prove clear and big lies on this list as I shall demonstrate below.
The Athens SE has demanded that FF conduct an independent audit of its claimed POS ( Points of Sale) I suggest that the shares should be suspended now as that audit cannot conclude anything other than that FF has just lied.
One POS is the House of Fraser in Bristol where I live when not living in er...Greece. So I went along. Photo and two are of the whole watch counter. Photo three is of the one case carrying FF stock with a sign marked "clearance sale". Photo four is taken by the lady manning the watch area and is of me by the FF case. Photo five shows the size of the price cuts.
So i chatted to the lady. Price cuts started at 30% just after Christmas but went to 50% two months ago. So when, i asked, will you stop selling FF? She did not know and said that Bristol is being supplied with stock from other HOF stores which have already stopped selling FF. Really said I, from which store did your stock come? So we went to check her emails which she showed me in full.
On 26 April FOUR concessions listed today by FF as being POS were ordered to stop selling FF stock and to ship their surplus inventory elsewhere. London Victoria stock went to the Metro centre, Belfast sent its FF stock to the mainland, High Wycombe to Bristol and Glasgow to Loch Lomond. So that is four FF claimed POS outlets that have not been POS outlets for 11 days. In other words it lied to the Athens Stock Exchange.
Remaining HoF concessions will carry on selling until stock levels get so low that all surplus stock will go to one location. In other words FF is supplying no more stock and HoF's watch concession is just realising for cash what it can.
It took me one hour to establish that the announcement made today has contained at least one lie ( 4 non operative UK POS outlets). How many more lies will be uncovered soon. This company is clearly in deep financial trouble and it is a proven liar.
Keep selling. Target price 0 Euro.
Meanwhile if you live near a claimed FF POS on this list anywhere in the world might you go along take a couple of photos and chat to any staff about what is happening and report back to [email protected]
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