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  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 35,
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  "notes": "Uses a quote from the CFO to contrast with the declining EBT, EPS, and rising debt/interest expense metrics.",
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      "kind": "callout",
      "text": "MACELLUM IS CONCERNED WITH THIS BOARD OVERSEEING MORE ACQUISITIONS USING SIGNIFICANT SHAREHOLDER CAPITAL",
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      "text": "Following three large acquisitions, the Company's profits declined materially. In addition, the Company added ~$250 million of debt and increased interest expense by 80%. By 2019, interest expense roughly equaled EBT",
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      "text": "Source: Company SEC Filings, Bloomberg LP, Market Cap as of 03/17/2022. Macellum Advisors GP, LLC",
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      "kind": "quote",
      "text": "So, we feel like we've got a great pipeline of organic growth... However, we can also continuously evaluate M&A opportunities that we believe will create value...",
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      "text": "Financial performance table (2016-2019) showing EBT, EBITDA, EPS, Debt, and Interest Expense.",
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      "text": "Acquisition history table showing dates, names, and costs totaling $334M.",
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      "kind": "title",
      "text": "ISSUE #3 (CONT.): THE BOARD HAS OVERSEEN FAILED M&A",
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