{
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  "docSlug": "75aa3b2bd0fb",
  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "pageNumber": 22,
  "pageCount": 125,
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  "nextPage": 23,
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  "notes": "Uses a side-by-side comparison to highlight similarities in business strategy language between a failed company and the target company.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/22",
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      "kind": "callout",
      "text": "When comparing FND and LIN's IPO prospectus claims, we see an uncanny resemblance. LIN's strategy ultimately failed, and it spiraled into bankruptcy in 2008.",
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      "kind": "paragraph",
      "text": "FND's Director since 2010 and current Chairman of the Board is Norman Axelrod who was CEO at Linens 'N Things (NYSE: LIN) from 1988-2006. When comparing FND and LIN's IPO prospectus claims, we see an uncanny resemblance. LIN's strategy ultimately failed, and it spiraled into bankruptcy in 2008. Given FND's struggles and declining unit economics which our report will detail, we can envision FND heading toward the same fate.",
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      "kind": "source-note",
      "text": "Source: LIN and FND IPO prospectus; Apollo acquires Linens 'N Things and later files for bankruptcy",
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      "kind": "table",
      "text": "Side-by-side comparison of Linens 'N Things and Floor & Decor promotional claims.",
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      "kind": "title",
      "text": "FND's Chairman of the Board Promoted Linens 'N Things, A Similar Retail Growth Story",
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      "evidence": "Side-by-side comparison of two companies' strategic claims to imply a shared negative outcome.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents a detailed analysis of FND's struggles and challenges",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
    {
      "to": 30,
      "from": 20,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "19f70dc3-3104-43e5-b429-58e639aef842",
      "evidence": "The document presents a clear warning about the potential consequences of ignoring the risks associated with FND",
      "position": 0,
      "objective": "Highlight the risks of not taking action on FND's stock",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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