Subhiksha: A perfect "go bust"

(Having observed the operational dynamics of Subhiksha, 2 years back, it had struck me that this was not a sustainable mode of working. Over the next 2 years that seed has actually taken long roots. In fact many of the retail chanels in India are not on sustainable models and are trying to over spend each other. This post, happened after 7/8 days of the Retail Realism one and bear my thoughts and ideas substantially if not fully)
Read article at http://www.livemint.com/2008/09/05001546/Subhiksha-not-paying-some-bill.html
In continuation to an article that appeared in Mint some time back.. "bringing back retail realism" (http://www.livemint.com/2008/08/27002851/Bringing-back-retail-realism.html) , I had listed out a number of points on just how high and how much the retail exuberance is irrational. Subhiksha to me is the best and the biggest example of "how to get retail management wrong". To list down the bullet points on this
1. Unmindful Expansion: Subhiksha took a lot of pride on matters of number of stores opened per day/per week/per month...
2. ... without Consolidation: Very few stores would have been profitable in terms of cash flows
3. Flouting all possible rules in Retail management.
4. The staffing and the personnel quality was pathetic but the pay was very good.
5. The terms of business were not always ethical or right minded.
6. Whither Inventory management?
7. Footfalls, turnaround and turnover being the guru mantra: Subhiksha never understood its customers
8. The only USP was discounts... hardly a sustainable competitive edge!
9. Your vendors only have a limited leash...expecting infinite credit cycles to make up for your ROIs is hardly good vendor management
10. Downstream supply chain was not integrated. Bulk buying is not a source of advantage.
11. Diffused focus: Subhiksha sold fresh vegetables, medicines, groceriezs, mobile phones, accessories and more.. where was the focus? How robust was the business model and the manpower to handle such diversity?
Now i hear CDIT format stores under the Subhiksha aegis... When will you learn Mr. Subramanian? Bottomline: No one "buys out" a sick horse. At this rate... Mr Subrmanian.. you would go bust!