This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Winning the Card Game: Month 1

Norman is also considering taking the previous owner to small claims court to settle another issue: The partners made an asset acquisition of the store, paying a certain price for each "asset" in it, but some aren't matching up in terms of what was what was paid versus their worth. She's finding more and more merchandise items where the original seller may have inflated the values.

One example is the line of Precious Moments figurines. Norman says the items do not sell well in her store, yet she has a large inventory of them, which she will likely donate to charity for the tax write-off.

There are also invitation sample booklets. "In our contract those books are listed, and listed with a value," she says. "When we took over and called the vendors, at least one-third of the books were discontinued. So they have no value. A discontinued book is garbage."

Norman says the lesson she's learning from valuation experience is that they should have been more diligent before signing the contract and held some of the money they were expected to pay in escrow so they could verify the merchandise values once they were involved in the daily management.

"We needed to do a little more due diligence in terms of what was in the basement, in terms of what we were purchasing. We gave a cursory glance of boxes and stuff and lists, but I don't think that we really did enough. The purchase price should have been lower."

"But on the flip side we really want this store. We wanted this location. Certain things are not worth fighting for," she says.

Next month we'll look at how Card$mart did during the busy Valentine's Day season.

So far Norman says that while women are coming in to do their Valentine's Day shopping ahead of time, men are not. She worries that if there is a freak blizzard in the unseasonably mild New York winter, Valentine's Day could be a wipeout for last-minute shoppers.

"We're hoping the mild weather continues and we do well on Valentine's Day," she says.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to:

To follow Laurie Kulikowski on Twitter, go to:!/LKulikowski


Follow TheStreet on Twitter.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,054.67 +0.96 0.01%
S&P 500 2,091.47 +2.70 0.13%
NASDAQ 4,805.14 -1.7190 -0.04%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs