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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Uses a red flag callout to emphasize the 'last ditch effort' narrative.",
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      "kind": "callout",
      "text": "Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress.",
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      "text": "Cost Savings Plan: $200",
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      "text": "It seems a strange coincidence that many high profile retailers have announced $200 million cost savings plans. There are many similarities between Canadian Tire, Sears, JCPenney and Circuit City. All were at one times household names, and great retail success stories. Will Canadian Tire’s story end in a similar fashion?",
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      "kind": "quote",
      "text": "Management’s proclamation that it has “hundreds of initiatives in motion” for cost reduction opportunities sounds comical, and begs the question, “what has management been doing with cost programs up to this point”?",
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      "text": "Source: Company filings",
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      "text": "Comparison table of cost savings plans and outcomes for Canadian Tire, Sears, JCPenney, and Circuit City.",
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      "kind": "title",
      "text": "The Magic $200 Million \"Rule of Thumb\"",
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