“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually and then suddenly.”
The gradual phase is already over. The sudden phase starts now. 20% drop means only 80% left to go.
The ELT and its more recent additions, especially MM and that fraud grifter MD, are incapable of doing more than carving up the carcass and dumping the remains wherever they get the biggest personal vig. The street knows that pumping 139 different colors of the same Dunk from the '90s is not "innovation," nor is ignoring the core running market that built the company. Olympics won't help. Nobody is going to buy the same old same old in August just because it was pumped in July.
The Nike brand becomes an Amazon house label, Converse goes to New Balance, Jordan gets sold to the CCP or Yeezy, the apparel business gets absorbed by Lulu.
PK is too old to do anything other than sip Ensure Clear from a straw in his hospice bed. His kids don't care as long as the good nose clams keep flowing. They wear Hoka anyway.
Finance and HR staff get investigated by the SEC and IRS for gross violations of securities law, but nothing conclusive is found, then they all get hired for bigger salaries temporarily at Bain. Except the low level HR drones, they're too illiterate to be hired anywhere else.