Josh Arnold
Long/short equity

Build-A-Bear: Trading At 60% Of Book Value But Still A Short


Build-A-Bear Workshop, Inc. (NYSE:BBW) is a specialty retailer that sells customized plush animals and related accessories and products in the United States, Canada, and several countries throughout the rest of the world. The company describes itself as being an "experience" for the shopper, offering patrons the opportunity to design a fully custom plush animal from top to bottom and watch as it takes shape. This, the company believes, offers BBW a competitive advantage over simply picking out a "standard" plush animal from another retailer and therefore, will get customers to pay a premium for a BBW product instead. The St. Louis, Missouri based company has about 1,000 employees and posts annual revenues of around $400 million per...

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