1) This isn't a "new" business like GSW.
2) Other franchisees seem to be doing well so could it be as simple as the downturn of the retail industries with the low success rate percentage of small business.
3) They do have $200M in tangible assets.
4) See 3)
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- Senior Debt EBITDA Covenant
RFG
retail food group limited
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3.38%
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Senior Debt EBITDA Covenant, page-64
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