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Introduction

Build-A-Bear (BBW) is an operator and franchiser of retail stores in the US and United Kingdom that sell custom made plush toys. These toys often sport licensed content such as comic book characters or popular cartoon characters but the bulk of BBW sales come from "standard" teddy bears. The company has been struggling for years and in January, I argued that the company was overvalued and hopelessly losing money and, therefore, should be shorted. Since that time, however, BBW shares have skyrocketed on the back of ostensibly impressive same-store sales increases and the hope that one day the new store model will be BBW's salvation and lead the company back into sustainable profitability. I intend to...

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