{
  "docId": "019dd923-622c-750b-8b98-d4565c313b68",
  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 108,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses a 'before-after' or 'evidence-claim' mapping style to link news headlines to activist commentary.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d4565c313b68/42",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.51,
        "x": 0.47,
        "y": 0.85
      },
      "kind": "callout",
      "text": "Recent legislation in some U.S. states, including Massachusetts and New York, have targeted helium balloons due to their negative environmental impact. We believe this only presents further challenges to Party City's business and could lead to future legislation in Canada",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cf5fc8a-1f3b-46ab-8744-507ad5be0a91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.76
      },
      "kind": "callout",
      "text": "We believe Party City Canada will end in a similar unsuccessful fashion as Party City and Helly Hansen",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40ee90e7-18f9-4e5a-a33d-62249d7f76f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.31
      },
      "kind": "callout",
      "text": "Since any other purchase can be made online, Party City's brick and mortar business is dependent on helium balloon sales",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "560766f6-7943-4841-8dcb-82e80162bdd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Canadian Tire has provided optimistic financial forecasts for Party City Canada while Party City is cutting its outlook in the U.S.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e58f91f-03ac-4765-9ba7-0af1a1d8ff7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.49
      },
      "kind": "callout",
      "text": "Canadian Tire just purchased the Canadian assets of a company who's U.S. business lost 67% of its value in one day",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da8fd81c-7a48-47a8-806a-52a0dd89a91f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.67
      },
      "kind": "callout",
      "text": "It is not surprising that many of the expected tailwinds were over hyped and the Company ended up failing to deliver",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fedbd93b-f576-40a5-8eac-3892392151c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.51,
        "x": 0.47,
        "y": 0.4
      },
      "kind": "callout",
      "text": "CTC acquired Party City at the worst time with the headwinds of the helium shortage pressuring balloon sales",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff80fecf-3c99-40ec-a571-a5d089b83df7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.43,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "list",
      "text": "Forbes Article (November 7, 2019) / Boston 25 News Article (October 23, 2019)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2ec171f-14c7-43f1-9702-56ac40c062ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Party City is a struggling retail business facing an abundance of competition from other retailers and online competitors. We believe Party City Canada’s fate will follow Party City’s in the United States. Party City Canada is not the type of business a company should borrow to purchase on top of an already over-levered balance sheet. PRTY shares are down 70% since releasing earnings on November 7th, 2019.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80a469d1-41bd-4045-8174-68dc7daeff69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Many of the expected tailwinds didn't materialize. — CEO James Harrison",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a0-ccd455c1306b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.305,
        "y": 0.025
      },
      "kind": "title",
      "text": "Party City: Canada Different Vs. The U.S.?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5cfaa184-694b-40a2-880f-f825c575b427",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "355b56e7-8839-4082-b875-c29701b4dab3",
      "evidence": "Mapping news headlines to activist commentary to highlight business failure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}