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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Wednesday, May 07, 2008
PA Liquor Control Board Launches Customer-Focused Transformation With New Partnership For Wine Selection
Comtex
HERSHEY, Pa., May 7, 2008 /PRNewswire via COMTEX News Network/ ----Future Improvements Include Store Redesigns, New Commitment to Customer Service and Better Shopping Experiences In-Store, Online
HERSHEY, Pa., May 7 /PRNewswire-USNewswire/ -- Launching a system-wide, customer-focused transformation that will touch each of the more than 600 Wine & Spirits stores across the state, the Pennsylvania Liquor Control Board today introduced Pennsylvania's first-ever Wine Advisory Council.
Teaming restaurant owners, hotel managers and wine experts from across Pennsylvania with the state's team of wine-buying specialists, the Wine Advisory Council will help bring the best selections and wine values to Pennsylvania consumers.
"For too long, this organization has been about us and what we want to accomplish as an agency, and we have lost sight of what matters most -- our customers," said Patrick "P.J." Stapleton III, chairman of the Liquor Control Board. "Asking Pennsylvania wine experts from outside the agency to help us improve our wine programs is unprecedented. So this is a new day -- a day when we put our customers first in every way."
Stapleton spoke at the Giant Center in Hershey before the first of three wine festivals that make up Pennsylvania's Wine Week 2008. The Pittsburgh Wine Festival is Thursday at Heinz Field, and the Philadelphia Wine Festival is on Saturday at the Philadelphia Convention Center.
Two of the private entrepreneurs to join the Wine Advisory Council -- Bill Kohl, President and CEO of Harrisburg Hotel Corporation; and Alex Sebastian, owner of the Wooden Angel restaurant in Beaver -- took part in the announcement. New members of the council will be added in coming months.
Kohl said the private-sector members of Wine Advisory Council will complement Liquor Control Board wine buyers by:
Making suggestions for gaps or lost opportunities with wine selections.
Providing tasting notes for specialty wines.
Serving as advocates and brand ambassadors for the LCB.
Working with customers on sales floors and during special events at Wine & Spirits stores.
Stapleton said the Liquor Control Board's new consumer focus began a year ago when it surveyed more than 2,000 customers about their shopping experience -- the first such survey in the agency's 75-year history.
"We got a real wake-up call," he said. "Less than half our customers told us they were satisfied with their shopping experience. They viewed a visit to the Wine & Spirits store as a chore and said they spent an average of only eight minutes in the store per visit, while other specialty retailers have average visits closer to half an hour. With retail customers' expectations rightfully higher than ever, that's simply not good enough. So we're going to change it, and that change starts today with the Wine Advisory Council.
"And it's just the start of the exciting and dramatic changes to come," Stapleton said.
Stapleton said the Wine Advisory Council is the first in a series of changes that will transform the shopping experience at the state's 620 Wine & Spirits stores and online.
"During the next two years, our customers will begin to experience a fresh, new and welcoming look for our stores -- inside and out," Stapleton said. "We will make a new, unprecedented commitment to customer service, including more training for store staff to give them the tools they need to offer customers an outstanding shopping experience.
"In addition, the Liquor Control Board has retained Landor Associates, the international leader in brand-led business transformation, to spearhead the overhaul of our statewide store network and online store. Combined, these changes will signal a revolutionary shift in the wine and spirits shopping experience in Pennsylvania. Our customers deserve nothing less."
CONTACT: Nick Hays
Francesca Chapman
(717) 783-8864
SOURCE Pennsylvania Liquor Control Board
Copyright (C) 2008 PR Newswire. All rights reserved
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