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  "documentTitle": "Macellum Perry Ellis Presentation April 2014",
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  "notes": "The slide uses the data to contrast Pinehurst's royalty-heavy profit model against JNY's low-margin operational model.",
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      "text": "Pinehurst generates a disproportionate amount of profits from royalties\nOver 90% of LTM EBITDA as compared to JNY which was under 20% of LTM EBITDA and still generates a margin at the bottom of the transaction comp peer group.",
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      "text": "Source: Peter J Solomon and Bloomberg",
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