The market took a big pause today but a lot of retail was up including Saks SKS.

PXG made a little move off $.15. It is really illiquid. If some institutions discovered this one again there could be some big upside to the stock. I just looked over their 10-K filed today. They are still struggling and selling off brands. They dumped Tommy Bahama footwear.

They had $30.9 mil in total current assets as of Jan. 3 and just $21.78 mil in total liabilities with the bulk of that in short-term liabilities and some $1.7 mil lease.

$30.9 - 23.48 = $7.42 mil NCAV

8,382,762 shares outstanding X $ .21 = $1.76 mil market capitalization

23% of NCAV which is about $ .88 per share.

"We expect that the Tommy Bahama transaction and the planned Chambers transaction would yield sufficient net proceeds to extinguish our bank debt during fiscal 2009. Until a Chambers transaction is agreed upon and entered into, of course, we cannot provide any assurance that a sale will occur or the ultimate amount of proceed that will result from it."

I think I'm going to buy a teeny, tiny position in PXG this week. This is a bet pretty much on them not going bankrupt. I'm not convinced they will be going bankrupt just looking over their balance sheet. I'd imagine inventory would be reduced since then. I'd really love to see a quick ratio above 1 here and a sense of how things have gone the past couple months.

Their income statement has been pretty scary and that is pretty much the big risk with this company here I think. Now I'm talking myself out of it like I did with Pier One Imports PIR before its super mega 1,800% run. This is no PIR. Pier One is in some of the most elegant of shopping centers. PXG has some decent brands under them that could do ok if the economy is actually bottoming. These people have done a nice job reducing their debt load the past four years and I wouldn't bet against them continuing to do so.

Golf retail store GOLF was pretty flat on the day up a percent or so.


full disclosure: no positions