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Fast Five Shorts | Is The Third Time The Charm For Buybuy Baby? · Omni Talk Retail

• 0:00
  Beyond
• 0:00
  buys
• 0:01
  Bye
• 0:01
  bye
• 0:01
  Baby
• 0:02
  for
• 0:02
  $5
• 0:02
  million
• 0:03
  according
• 0:04
  to
• 0:04
  retail
• 0:04
  dive.
• 0:05
  Beyond
• 0:05
  Inc.
• 0:05
  Has
• 0:05
  entered
• 0:06
  an
• 0:06
  asset
• 0:06
  purchase
• 0:07
  agreement
• 0:07
  to
• 0:07
  acquire
• 0:08
  the
• 0:08
  global
• 0:08
  rights
• 0:08
  to
• 0:09
  buy
• 0:09
  By
• 0:09
  Baby.
• 0:10
  The
• 0:10
  Buy
• 0:10
  by
• 0:10
  baby
• 0:11
  brand
• 0:11
  for
• 0:11
  $5
• 0:12
  million,
• 0:12
  which
• 0:12
  reunites
• 0:13
  the
• 0:13
  brand
• 0:13
  with
• 0:14
  the
• 0:14
  former
• 0:14
  with
• 0:14
  its
• 0:15
  former
• 0:15
  corporate
• 0:16
  parent
• 0:16
  Bed
• 0:16
  Bath
• 0:16
  and
• 0:16
  Beyond.
• 0:17
  Beyond
• 0:18
  is
• 0:18
  attempting
• 0:18
  to
• 0:18
  grow
• 0:18
  the
• 0:19
  Baby
• 0:19
  in
• 0:19
  apparel
• 0:20
  and
• 0:20
  accessories
• 0:20
  brand
• 0:21
  with
• 0:21
  a
• 0:21
  three
• 0:21
  part
• 0:21
  strategy.
• 0:22
  Wait
• 0:22
  for
• 0:22
  this
• 0:23
  folks.
• 0:23
  The
• 0:23
  first
• 0:24
  prong
• 0:25
  relies
• 0:25
  on
• 0:25
  Beyond's
• 0:26
  October
• 0:26
  partnership
• 0:27
  with
• 0:27
  Kirkland's
• 0:28
  which
• 0:28
  allowed
• 0:28
  for
• 0:29
  the
• 0:29
  opening
• 0:29
  and
• 0:29
  operation
• 0:30
  of
• 0:30
  up
• 0:30
  to
• 0:30
  five
• 0:31
  small
• 0:31
  format
• 0:32
  Bed
• 0:32
  Bath
• 0:33
  and
• 0:33
  Beyond
• 0:33
  stores.
• 0:34
  The
• 0:34
  second
• 0:35
  and
• 0:35
  third
• 0:35
  parts
• 0:36
  entail
• 0:36
  two
• 0:37
  offerings
• 0:37
  beyond
• 0:37
  is
• 0:38
  exploring
• 0:38
  with
• 0:38
  fintech
• 0:39
  company
• 0:40
  Tzero
• 0:41
  which
• 0:41
  holds
• 0:42
  a
• 0:42
  special
• 0:42
  purpose
• 0:43
  broker
• 0:43
  dealer
• 0:44
  license,
• 0:44
  including
• 0:45
  the
• 0:45
  tokenization
• 0:46
  of
• 0:46
  some
• 0:46
  of
• 0:47
  Best
• 0:47
  of
• 0:48
  Bye
• 0:48
  Bye
• 0:48
  Baby's
• 0:49
  intellectual
• 0:49
  property.
• 0:51
  Whoa.
• 0:51
  Okay,
• 0:52
  pay
• 0:52
  attention
• 0:52
  here
• 0:52
  folks,
• 0:53
  because
• 0:53
  then
• 0:53
  it
• 0:53
  now
• 0:53
  it
• 0:54
  starts.
• 0:54
  If
• 0:54
  you
• 0:54
  weren't
• 0:54
  complicated,
• 0:55
  if
• 0:55
  it
• 0:55
  wasn't
• 0:55
  complicated
• 0:55
  already,
• 0:56
  it's
• 0:56
  going
• 0:56
  to
• 0:56
  get
• 0:56
  even
• 0:56
  more
• 0:57
  complicated.
• 0:57
  Really.
• 0:58
  But
• 0:58
  it's
• 0:59
  important.
• 0:59
  Beyond
• 1:00
  wants
• 1:00
  to
• 1:00
  offer
• 1:01
  digital
• 1:01
  dividends
• 1:02
  to
• 1:02
  current
• 1:02
  holders
• 1:03
  of
• 1:03
  beyond
• 1:03
  and
• 1:04
  make
• 1:04
  an
• 1:04
  offering
• 1:04
  of
• 1:05
  new
• 1:05
  investors
• 1:06
  who
• 1:06
  want
• 1:07
  to
• 1:08
  want
• 1:08
  a
• 1:09
  share
• 1:09
  of
• 1:09
  the
• 1:10
  Bye
• 1:10
  Bye
• 1:10
  Baby
• 1:11
  ip.
• 1:12
  The
• 1:12
  goal
• 1:12
  is
• 1:12
  for
• 1:13
  the
• 1:13
  token
• 1:13
  to
• 1:13
  provide
• 1:13
  a
• 1:14
  revenue
• 1:14
  share
• 1:15
  on
• 1:15
  the
• 1:15
  brand's
• 1:15
  omnichannel
• 1:16
  revenue
• 1:17
  along
• 1:17
  with
• 1:17
  loyalty
• 1:18
  benefits
• 1:18
  across
• 1:19
  Beyond's
• 1:19
  platform.
• 1:20
  Additionally,
• 1:21
  T0's
• 1:21
  blockchain
• 1:22
  technology
• 1:22
  could
• 1:23
  enable
• 1:23
  Bye
• 1:23
  Bye
• 1:23
  Baby
• 1:24
  to
• 1:24
  create
• 1:24
  a
• 1:25
  digital
• 1:25
  wallet
• 1:26
  that
• 1:26
  holds
• 1:26
  both
• 1:26
  financial
• 1:27
  assets
• 1:27
  and
• 1:28
  personal
• 1:28
  records
• 1:29
  like
• 1:29
  birth
• 1:29
  certificates,
• 1:30
  medical
• 1:30
  records
• 1:31
  and
• 1:31
  life
• 1:32
  milestones.
• 1:33
  Holy
• 1:34
  cow.
• 1:34
  And
• 1:35
  are
• 1:35
  you
• 1:36
  excited
• 1:36
  that
• 1:37
  Bye
• 1:37
  Bye
• 1:37
  Baby
• 1:37
  is
• 1:37
  getting
• 1:38
  what
• 1:38
  is
• 1:38
  now
• 1:39
  a
• 1:39
  third
• 1:39
  life
• 1:39
  and
• 1:40
  in
• 1:40
  the
• 1:40
  way
• 1:40
  it's
• 1:41
  being
• 1:41
  described?
• 1:42
  Ben,
• 1:42
  I
• 1:43
  think
• 1:43
  we
• 1:43
  need
• 1:43
  your
• 1:43
  accent
• 1:44
  here
• 1:44
  to
• 1:44
  do
• 1:45
  the
• 1:45
  correct
• 1:45
  Monty
• 1:46
  Python.
• 1:46
  It's
• 1:47
  not
• 1:47
  dead
• 1:47
  yet.
• 1:48
  I'm
• 1:48
  not
• 1:48
  dead
• 1:49
  yet.
• 1:49
  That's
• 1:49
  exactly
• 1:50
  what
• 1:50
  I
• 1:50
  thought
• 1:50
  of
• 1:50
  when
• 1:50
  I
• 1:51
  wrote
• 1:51
  that.
• 1:53
  I
• 1:53
  don't
• 1:53
  know,
• 1:53
  Chris.
• 1:54
  Like,
• 1:54
  I
• 1:54
  just,
• 1:55
  I've
• 1:55
  tried
• 1:56
  with
• 1:56
  the
• 1:56
  Buy
• 1:56
  Bye
• 1:57
  Baby
• 1:57
  concept
• 1:58
  as,
• 1:58
  you
• 1:58
  know,
• 1:58
  with
• 1:59
  babies
• 1:59
  rust.
• 1:59
  Like
• 2:00
  I'm
• 2:00
  trying
• 2:00
  to
• 2:00
  really
• 2:01
  dig
• 2:01
  deep
• 2:01
  and
• 2:01
  find
• 2:02
  something
• 2:02
  that
• 2:03
  a
• 2:04
  reason
• 2:04
  for
• 2:04
  being
• 2:04
  for
• 2:05
  these
• 2:05
  companies
• 2:05
  and
• 2:05
  I'm
• 2:06
  just
• 2:06
  really
• 2:06
  struggling
• 2:06
  to,
• 2:07
  to
• 2:07
  do
• 2:07
  that.
• 2:08
  I
• 2:08
  just
• 2:08
  don't
• 2:08
  know
• 2:09
  that
• 2:09
  there's
• 2:09
  a
• 2:09
  reason
• 2:09
  for
• 2:09
  Bye
• 2:10
  Bye
• 2:10
  Baby
• 2:10
  anymore.
• 2:11
  I
• 2:11
  feel
• 2:11
  like,
• 2:12
  especially
• 2:12
  in
• 2:12
  another
• 2:13
  superstore
• 2:14
  format,
• 2:14
  I
• 2:14
  just,
• 2:14
  I
• 2:15
  think
• 2:15
  that
• 2:16
  we've
• 2:16
  all
• 2:17
  just
• 2:17
  without
• 2:17
  having
• 2:18
  a
• 2:18
  consistent
• 2:20
  retailer
• 2:20
  in
• 2:21
  the
• 2:21
  space
• 2:21
  for
• 2:21
  the
• 2:22
  last
• 2:22
  couple
• 2:22
  of
• 2:22
  years,
• 2:22
  I
• 2:23
  think
• 2:23
  that
• 2:23
  the
• 2:23
  traffic's
• 2:24
  just
• 2:24
  moved
• 2:24
  to
• 2:24
  other
• 2:25
  mass
• 2:25
  retailers
• 2:26
  where
• 2:26
  they
• 2:26
  can
• 2:27
  get
• 2:27
  some
• 2:27
  of
• 2:27
  these
• 2:28
  things
• 2:28
  and
• 2:28
  then
• 2:29
  back
• 2:29
  down
• 2:29
  to
• 2:30
  specialty
• 2:30
  retailers.
• 2:31
  Like
• 2:31
  if
• 2:31
  you
• 2:31
  really
• 2:31
  want
• 2:32
  that
• 2:32
  unique
• 2:33
  buy,
• 2:33
  try
• 2:34
  before
• 2:34
  you
• 2:34
  buy
• 2:34
  experience.
• 2:35
  I
• 2:35
  think
• 2:35
  we've
• 2:35
  just
• 2:35
  we're
• 2:36
  just
• 2:36
  seeing
• 2:36
  this
• 2:36
  happen
• 2:37
  so
• 2:37
  much
• 2:37
  better
• 2:38
  in
• 2:38
  some
• 2:38
  of
• 2:38
  the
• 2:38
  specialty
• 2:39
  retail
• 2:39
  stores.
• 2:40
  And
• 2:41
  lastly
• 2:41
  this
• 2:42
  whole
• 2:42
  blockchain
• 2:43
  thing
• 2:43
  with
• 2:43
  the
• 2:43
  birth
• 2:43
  certificates
• 2:44
  thing.
• 2:44
  Like
• 2:45
  I
• 2:46
  just,
• 2:46
  I'm
• 2:46
  not
• 2:47
  an
• 2:47
  expert
• 2:47
  on
• 2:47
  that
• 2:47
  stuff
• 2:48
  but
• 2:48
  I
• 2:48
  just
• 2:48
  don't
• 2:49
  see
• 2:49
  myself
• 2:50
  as
• 2:50
  a
• 2:50
  parent
• 2:50
  going
• 2:51
  to
• 2:51
  buy
• 2:51
  my
• 2:51
  baby
• 2:52
  to
• 2:52
  store
• 2:53
  birth
• 2:53
  certificates
• 2:54
  and
• 2:54
  financial
• 2:55
  information
• 2:55
  like
• 2:56
  that
• 2:56
  is
• 2:57
  just
• 2:57
  a
• 2:57
  bridge
• 2:58
  too
• 2:58
  far.
• 2:58
  But,
• 2:59
  but
• 3:00
  I
• 3:00
  could
• 3:00
  be
• 3:00
  alone
• 3:00
  on
• 3:01
  this
• 3:01
  island.
• 3:01
  I
• 3:01
  don't
• 3:01
  know
• 3:01
  where
• 3:02
  you
• 3:02
  two
• 3:02
  fall.
• 3:03
  Well,
• 3:04
  well,
• 3:04
  Ben,
• 3:04
  let's
• 3:04
  find
• 3:04
  out.
• 3:04
  What
• 3:05
  are
• 3:05
  you
• 3:05
  thinking?
• 3:05
  I'm
• 3:05
  curious
• 3:05
  what
• 3:05
  you
• 3:05
  think
• 3:06
  of
• 3:06
  the
• 3:06
  deal
• 3:06
  too,
• 3:07
  like
• 3:07
  if
• 3:07
  you
• 3:07
  got
• 3:08
  any
• 3:08
  thoughts
• 3:08
  on
• 3:08
  that.
• 3:09
  And
• 3:10
  I
• 3:10
  think
• 3:10
  that's
• 3:10
  where
• 3:10
  I've
• 3:11
  been
• 3:11
  spending
• 3:11
  a
• 3:11
  bit
• 3:11
  of
• 3:12
  time.
• 3:12
  So
• 3:12
  Chris,
• 3:13
  I'll
• 3:13
  let
• 3:13
  you
• 3:13
  talk
• 3:13
  about
• 3:14
  some
• 3:14
  of
• 3:14
  the
• 3:14
  merchandising
• 3:14
  elements
• 3:15
  because
• 3:16
  there's,
• 3:16
  there's
• 3:17
  that
• 3:18
  you,
• 3:18
  there's
• 3:19
  a
• 3:19
  whole
• 3:19
  right
• 3:19
  to
• 3:19
  play
• 3:20
  question.
• 3:21
  Yeah,
• 3:21
  I'm
• 3:21
  not
• 3:21
  sure
• 3:22
  and
• 3:22
  I
• 3:23
  completely
• 3:23
  agree.
• 3:23
  The
• 3:24
  competitive
• 3:24
  landscape
• 3:24
  has
• 3:24
  completely
• 3:25
  changed
• 3:25
  and
• 3:26
  it's
• 3:26
  only
• 3:26
  got
• 3:26
  harder.
• 3:27
  So
• 3:28
  what's
• 3:28
  the
• 3:28
  reason?
• 3:29
  So
• 3:29
  it's
• 3:30
  really,
• 3:30
  really
• 3:30
  easy
• 3:30
  to
• 3:31
  be
• 3:31
  very,
• 3:31
  very
• 3:32
  cell,
• 3:32
  cell
• 3:32
  baby
• 3:33
  on
• 3:33
  this.
• 3:34
  The
• 3:34
  thing
• 3:34
  that
• 3:35
  I'm
• 3:35
  looking
• 3:36
  at
• 3:36
  is
• 3:36
  what
• 3:37
  does
• 3:37
  it
• 3:37
  mean
• 3:37
  for
• 3:38
  beyond?
• 3:39
  So
• 3:39
  I
• 3:39
  kind
• 3:40
  of,
• 3:40
  yeah,
• 3:40
  went
• 3:40
  back
• 3:40
  to
• 3:41
  the
• 3:41
  figures,
• 3:41
  listen
• 3:42
  to
• 3:42
  the
• 3:42
  Q3
• 3:43
  statement.
• 3:44
  You
• 3:44
  know,
• 3:44
  beyond
• 3:45
  as
• 3:45
  a
• 3:45
  vehicle
• 3:46
  is
• 3:46
  not
• 3:47
  really
• 3:47
  working
• 3:47
  at
• 3:47
  the
• 3:48
  moment.
• 3:48
  So
• 3:49
  revenue
• 3:50
  is
• 3:50
  down
• 3:50
  20
• 3:51
  odd
• 3:51
  percent.
• 3:53
  It's
• 3:53
  still
• 3:54
  a
• 3:54
  billion
• 3:54
  dollar
• 3:55
  retailer.
• 3:56
  But
• 3:56
  EBITDA
• 3:57
  is
• 3:57
  negative,
• 4:00
  traffic's
• 4:00
  down,
• 4:01
  average
• 4:01
  order
• 4:01
  frequency
• 4:02
  is
• 4:02
  down,
• 4:02
  average
• 4:02
  order
• 4:03
  value
• 4:03
  is
• 4:04
  down.
• 4:04
  So
• 4:05
  this
• 4:05
  creation
• 4:07
  isn't
• 4:08
  delivering.
• 4:09
  If
• 4:10
  you're
• 4:10
  a
• 4:10
  billion
• 4:11
  dollar
• 4:11
  retailer
• 4:12
  and
• 4:12
  all
• 4:13
  your
• 4:13
  indices
• 4:14
  are
• 4:14
  running
• 4:14
  in
• 4:14
  the
• 4:14
  wrong
• 4:15
  direction,
• 4:16
  5
• 4:16
  million
• 4:17
  is
• 4:17
  a
• 4:17
  pretty
• 4:18
  low
• 4:18
  risk
• 4:19
  gamble
• 4:19
  to
• 4:20
  make.
• 4:20
  And
• 4:20
  if
• 4:20
  that
• 4:21
  adds
• 4:21
  a
• 4:21
  whole
• 4:21
  another
• 4:21
  category
• 4:22
  into
• 4:22
  your
• 4:22
  store,
• 4:22
  another
• 4:23
  reason
• 4:23
  to
• 4:23
  visit,
• 4:24
  another
• 4:24
  opportunity
• 4:25
  to
• 4:25
  have
• 4:25
  a
• 4:25
  bit
• 4:25
  of
• 4:25
  footfall,
• 4:26
  I
• 4:27
  can't
• 4:27
  quite
• 4:27
  see
• 4:28
  why
• 4:28
  not.
• 4:28
  But
• 4:29
  I
• 4:29
  mean
• 4:30
  it's
• 4:30
  a
• 4:30
  pretty
• 4:30
  negative
• 4:31
  place
• 4:31
  to
• 4:31
  be
• 4:32
  from
• 4:32
  to
• 4:32
  do
• 4:32
  it.
• 4:33
  But
• 4:33
  I
• 4:34
  kind
• 4:34
  of
• 4:34
  feel
• 4:34
  it's
• 4:34
  worth
• 4:35
  a
• 4:35
  go.
• 4:35
  And
• 4:35
  even
• 4:36
  when
• 4:36
  you
• 4:36
  look
• 4:36
  at
• 4:36
  in
• 4:37
  the
• 4:37
  details
• 4:37
  of
• 4:37
  the
• 4:37
  transaction,
• 4:38
  one
• 4:38
  of
• 4:38
  the
• 4:38
  things
• 4:38
  that
• 4:38
  they're
• 4:38
  also
• 4:38
  buying
• 4:39
  is
• 4:39
  the
• 4:39
  data
• 4:40
  and
• 4:40
  a
• 4:40
  database.
• 4:41
  So
• 4:41
  is
• 4:41
  there,
• 4:42
  there
• 4:42
  might
• 4:42
  be
• 4:42
  $5
• 4:43
  million
• 4:44
  worth
• 4:44
  of
• 4:45
  customer
• 4:45
  and
• 4:46
  transactional
• 4:46
  data
• 4:47
  in
• 4:47
  there
• 4:47
  alone.
• 4:48
  So
• 4:49
  look
• 4:50
  it,
• 4:51
  I
• 4:51
  think,
• 4:51
  I
• 4:51
  think
• 4:51
  it's
• 4:52
  worth
• 4:52
  a
• 4:52
  go.
• 4:53
  Even,
• 4:53
  even
• 4:54
  at
• 4:54
  a
• 4:54
  top
• 4:54
  line
• 4:54
  doesn't
• 4:56
  excite.
• 4:57
  Yeah,
• 4:57
  I
• 4:57
  think
• 4:58
  those,
• 4:58
  I
• 4:58
  think,
• 4:58
  I
• 4:58
  think
• 4:59
  those
• 4:59
  are
• 4:59
  great
• 4:59
  points.
• 4:59
  I
• 4:59
  100%
• 5:00
  agree
• 5:00
  with
• 5:00
  you.
• 5:00
  I
• 5:00
  mean
• 5:01
  in
• 5:01
  a
• 5:01
  lot
• 5:01
  of
• 5:01
  ways
• 5:01
  it
• 5:01
  feels
• 5:01
  like
• 5:01
  a
• 5:02
  steal.
• 5:02
  $5
• 5:02
  million
• 5:03
  is
• 5:03
  just
• 5:03
  super
• 5:03
  cheap
• 5:04
  at
• 5:04
  the
• 5:04
  end
• 5:04
  of
• 5:04
  the
• 5:04
  day
• 5:05
  and
• 5:05
  you're
• 5:05
  Right,
• 5:05
  Ben?
• 5:05
  Because
• 5:05
  there's
• 5:06
  the
• 5:06
  online
• 5:06
  portion
• 5:07
  and
• 5:07
  then
• 5:07
  there's
• 5:07
  the
• 5:07
  store
• 5:08
  portion.
• 5:08
  And
• 5:08
  the
• 5:08
  online
• 5:09
  baby
• 5:09
  business
• 5:10
  is
• 5:10
  a,
• 5:10
  is
• 5:11
  a,
• 5:11
  is
• 5:11
  a
• 5:11
  big
• 5:11
  business.
• 5:12
  Like
• 5:12
  a
• 5:12
  lot
• 5:12
  of
• 5:13
  people
• 5:13
  buy
• 5:13
  their
• 5:13
  products
• 5:13
  online,
• 5:14
  they
• 5:14
  register
• 5:14
  online,
• 5:15
  you
• 5:15
  get
• 5:15
  that
• 5:15
  data.
• 5:16
  And
• 5:16
  so
• 5:16
  bringing
• 5:16
  that
• 5:17
  into
• 5:17
  the
• 5:17
  fold
• 5:18
  and
• 5:18
  even
• 5:18
  the
• 5:19
  SEO
• 5:19
  value
• 5:19
  of
• 5:19
  Buy
• 5:20
  Bye
• 5:20
  Baby
• 5:20
  as
• 5:20
  a
• 5:21
  destination
• 5:21
  to
• 5:21
  shop
• 5:22
  has
• 5:22
  to
• 5:23
  be
• 5:23
  incremental
• 5:23
  to
• 5:24
  beyond.
• 5:24
  And
• 5:25
  I
• 5:25
  have
• 5:25
  to
• 5:25
  think
• 5:25
  that
• 5:25
  alone
• 5:26
  is
• 5:26
  worth
• 5:26
  $5
• 5:26
  million.
• 5:27
  Then
• 5:27
  you
• 5:27
  get
• 5:27
  the
• 5:27
  option
• 5:27
  value
• 5:28
  of
• 5:28
  potentially
• 5:29
  going
• 5:29
  into
• 5:29
  stores
• 5:30
  through
• 5:30
  Kirkland
• 5:31
  or
• 5:31
  through
• 5:31
  standalone
• 5:32
  stores
• 5:32
  should
• 5:32
  they
• 5:33
  want
• 5:33
  to
• 5:33
  in
• 5:33
  key
• 5:33
  markets
• 5:34
  too,
• 5:34
  where
• 5:34
  they
• 5:35
  know
• 5:35
  the
• 5:35
  concept
• 5:36
  could
• 5:36
  still
• 5:36
  work.
• 5:36
  Because
• 5:37
  I,
• 5:37
  because
• 5:37
  I
• 5:37
  imagine
• 5:38
  they
• 5:38
  know
• 5:38
  how
• 5:38
  to
• 5:38
  run
• 5:38
  this
• 5:39
  better
• 5:39
  than
• 5:39
  the
• 5:39
  previous
• 5:40
  acquirers
• 5:40
  knew
• 5:40
  how
• 5:41
  to
• 5:41
  run
• 5:41
  a
• 5:41
  retail
• 5:42
  store
• 5:42
  as
• 5:42
  well.
• 5:42
  Because,
• 5:43
  you
• 5:43
  know,
• 5:43
  their
• 5:43
  CEO
• 5:44
  has
• 5:44
  a
• 5:44
  lot
• 5:44
  of
• 5:44
  experience.
• 5:45
  I
• 5:45
  mean,
• 5:45
  I
• 5:45
  think
• 5:45
  he
• 5:45
  owns
• 5:46
  Camping
• 5:46
  World
• 5:46
  or
• 5:47
  did
• 5:47
  at
• 5:47
  least
• 5:47
  at
• 5:47
  one
• 5:48
  time
• 5:48
  as
• 5:48
  well.
• 5:49
  So
• 5:49
  he
• 5:49
  knows
• 5:49
  the
• 5:49
  retail
• 5:50
  business.
• 5:50
  So
• 5:51
  I
• 5:51
  think
• 5:51
  if
• 5:51
  anything
• 5:52
  too.
• 5:52
  Last
• 5:53
  point
• 5:53
  I
• 5:53
  make,
• 5:53
  I
• 5:54
  think
• 5:54
  when
• 5:54
  I,
• 5:54
  when
• 5:54
  I
• 5:54
  hear
• 5:55
  you
• 5:55
  talk
• 5:55
  about
• 5:55
  it,
• 5:55
  Ben,
• 5:55
  I
• 5:56
  feel
• 5:56
  like
• 5:56
  it's
• 5:56
  kind
• 5:56
  of
• 5:56
  an
• 5:56
  indictment
• 5:57
  that
• 5:58
  why
• 5:59
  weren't
• 5:59
  more
• 5:59
  people
• 5:59
  in
• 5:59
  this
• 6:00
  bidding
• 6:00
  race,
• 6:00
  you
• 6:00
  know,
• 6:01
  like
• 6:01
  why,
• 6:01
  why
• 6:01
  didn't
• 6:02
  more
• 6:02
  people
• 6:02
  want
• 6:02
  to
• 6:02
  take
• 6:03
  on
• 6:03
  some
• 6:03
  element
• 6:03
  of
• 6:04
  this
• 6:04
  for
• 6:04
  $5
• 6:05
  million,
• 6:05
  like
• 6:06
  if
• 6:06
  I'm,
• 6:06
  if
• 6:06
  I'm
• 6:06
  Target
• 6:07
  or
• 6:07
  Walmart,
• 6:07
  I
• 6:07
  would
• 6:07
  just
• 6:07
  buy
• 6:08
  it
• 6:08
  to
• 6:08
  protect.
• 6:09
  Well,
• 6:10
  those
• 6:10
  two
• 6:10
  make
• 6:11
  sense,
• 6:11
  I
• 6:11
  think.
• 6:11
  But
• 6:12
  just
• 6:12
  because
• 6:12
  it's
• 6:12
  cheap,
• 6:13
  does
• 6:13
  it
• 6:13
  mean
• 6:13
  that
• 6:13
  you
• 6:13
  should
• 6:14
  buy
• 6:14
  it
• 6:14
  and
• 6:14
  then
• 6:14
  it
• 6:15
  should
• 6:15
  especially.
• 6:15
  I
• 6:15
  mean,
• 6:15
  I
• 6:16
  can
• 6:16
  get
• 6:16
  it
• 6:16
  on
• 6:16
  board
• 6:16
  with
• 6:17
  the,
• 6:17
  with
• 6:17
  the
• 6:17
  online
• 6:18
  bit
• 6:18
  that
• 6:18
  you're
• 6:18
  talking
• 6:18
  about,
• 6:19
  Chris,
• 6:19
  but
• 6:19
  I
• 6:20
  really
• 6:20
  have
• 6:20
  a
• 6:20
  hard
• 6:21
  time
• 6:21
  with.
• 6:21
  It
• 6:22
  doesn't
• 6:22
  even
• 6:22
  make
• 6:22
  sense
• 6:22
  to
• 6:23
  put
• 6:23
  into
• 6:23
  a
• 6:23
  Kirkland
• 6:24
  store.
• 6:24
  Like,
• 6:24
  it
• 6:24
  just
• 6:24
  seems
• 6:25
  like
• 6:25
  a
• 6:25
  very
• 6:25
  disjointed
• 6:26
  experience
• 6:27
  to
• 6:27
  me
• 6:27
  to
• 6:27
  like
• 6:28
  have
• 6:28
  baby
• 6:28
  pop
• 6:28
  up
• 6:29
  in
• 6:29
  there.
• 6:29
  And
• 6:29
  does
• 6:30
  that
• 6:30
  further
• 6:31
  degrade
• 6:31
  your
• 6:31
  Kirkland's
• 6:32
  home
• 6:32
  business
• 6:32
  when
• 6:33
  you're
• 6:33
  starting
• 6:33
  to
• 6:33
  throw
• 6:34
  random
• 6:34
  stuff
• 6:34
  in
• 6:35
  the
• 6:35
  back
• 6:35
  of
• 6:35
  it?
• 6:35
  I
• 6:35
  don't
• 6:35
  know,
• 6:36
  but.
• 6:37
  Well,
• 6:37
  I
• 6:37
  don't
• 6:37
  know
• 6:37
  that.
• 6:37
  That
• 6:38
  depends
• 6:38
  on
• 6:38
  the
• 6:38
  execution.
• 6:39
  Right,
• 6:39
  But
• 6:39
  I
• 6:39
  think
• 6:39
  like
• 6:40
  you
• 6:40
  said,
• 6:40
  that's
• 6:40
  the
• 6:40
  option
• 6:41
  value,
• 6:41
  the,
• 6:41
  the
• 6:42
  online
• 6:42
  value,
• 6:43
  you
• 6:43
  know,
• 6:43
  the
• 6:43
  online
• 6:44
  non
• 6:44
  term.
• 6:44
  I
• 6:44
  got
• 6:44
  to
• 6:45
  think
• 6:45
  the
• 6:45
  online
• 6:45
  long
• 6:45
  term
• 6:45
  value
• 6:46
  of
• 6:46
  this
• 6:46
  business
• 6:46
  is
• 6:46
  more
• 6:47
  than
• 6:47
  $5
• 6:47
  million
• 6:48
  in
• 6:48
  cash
• 6:48
  flow,
• 6:48
  but
• 6:49
  I
• 6:49
  don't
• 6:49
  know.
• 6:50
  Yeah.
• 6:50
  All
• 6:50
  right,
• 6:51
  Ben.
• 6:52
  I
• 6:52
  guess
• 6:52
  the
• 6:52
  other
• 6:53
  thing,
• 6:53
  and
• 6:53
  I
• 6:54
  completely
• 6:55
  agree
• 6:55
  about
• 6:56
  the
• 6:57
  juxtaposition
• 6:58
  that
• 6:58
  it
• 6:58
  could
• 6:58
  be
• 6:58
  about
• 6:59
  putting
• 6:59
  into
• 6:59
  the
• 6:59
  wrong
• 6:59
  place
• 7:00
  and
• 7:00
  that's,
• 7:00
  that's
• 7:00
  kind
• 7:00
  of
• 7:01
  where
• 7:01
  the
• 7:01
  merchandising.
• 7:01
  Right.
• 7:02
  Right
• 7:02
  to
• 7:02
  play
• 7:03
  is.
• 7:03
  But
• 7:03
  I
• 7:03
  think
• 7:03
  what
• 7:04
  I
• 7:04
  am
• 7:04
  mindful
• 7:04
  of
• 7:04
  is,
• 7:05
  you
• 7:05
  know,
• 7:05
  Dave.
• 7:07
  Yeah.
• 7:07
  They've
• 7:07
  brought
• 7:08
  back
• 7:08
  the
• 7:08
  Overstock
• 7:09
  brand
• 7:10
  name
• 7:11
  so
• 7:11
  that
• 7:11
  they
• 7:11
  have
• 7:12
  the
• 7:12
  Overstock
• 7:13
  platform.
• 7:14
  They
• 7:14
  bought
• 7:14
  Zulily
• 7:15
  again
• 7:16
  for,
• 7:16
  for
• 7:16
  kind
• 7:16
  of
• 7:17
  short
• 7:17
  term
• 7:17
  deals.
• 7:18
  They've
• 7:18
  got
• 7:18
  the
• 7:18
  Bed
• 7:19
  Bed
• 7:19
  Bath
• 7:20
  brand
• 7:20
  as
• 7:20
  well.
• 7:21
  What
• 7:21
  that
• 7:21
  gives
• 7:21
  is
• 7:21
  a
• 7:22
  number
• 7:22
  of
• 7:22
  outlets
• 7:22
  to
• 7:22
  be
• 7:22
  able
• 7:23
  to
• 7:23
  move
• 7:23
  inventory
• 7:23
  around.
• 7:24
  So
• 7:24
  they've
• 7:24
  got,
• 7:25
  they've
• 7:25
  got
• 7:25
  the
• 7:25
  routes
• 7:26
  to
• 7:26
  be
• 7:26
  able
• 7:26
  to
• 7:26
  sell
• 7:26
  inventory
• 7:27
  in
• 7:27
  case
• 7:27
  it's
• 7:28
  not
• 7:28
  working,
• 7:28
  or
• 7:28
  to
• 7:29
  be
• 7:29
  able
• 7:29
  to
• 7:29
  move
• 7:29
  some
• 7:30
  and
• 7:30
  to
• 7:30
  be
• 7:30
  able
• 7:30
  to
• 7:30
  add
• 7:30
  extra
• 7:31
  categories
• 7:31
  across
• 7:32
  Overstock
• 7:33
  and
• 7:33
  into
• 7:33
  Zulily.
• 7:34
  I
• 7:34
  kind
• 7:34
  of.
• 7:35
  That.
• 7:35
  I
• 7:35
  can
• 7:35
  see
• 7:36
  that.
• 7:36
  I
• 7:37
  think
• 7:37
  if,
• 7:37
  if
• 7:38
  we're
• 7:38
  talking
• 7:38
  $25
• 7:38
  million,
• 7:39
  I
• 7:39
  think
• 7:39
  it'd
• 7:39
  be
• 7:39
  very
• 7:39
  different,
• 7:40
  but
• 7:40
  for
• 7:40
  5
• 7:40
  million,
• 7:41
  it's
• 7:41
  worth
• 7:41
  a
• 7:41
  go.
• 7:42
  Yeah,
• 7:43
  fair.
• 7:43
  It's
• 7:43
  worth
• 7:43
  a
• 7:44
  go.
• 7:44
  It's
• 7:45
  worth
• 7:45
  a
• 7:45
  go.
• 7:46
  It's
• 7:46
  worth
• 7:46
  a
• 7:46
  go.