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Couriers told the Guardian they did not believe management promises that they could earn more under the new system.
As Directory growth continues to cannibalise Retail sales growth, we believe management must close stores in favour of offering free home delivery or face continuing revenue pressure.
"We believe management can unlock shareholder value through a transaction, and will exhaust all options," equity research analysts at Bank of America said in a note to clients in August.
But the owners who favor contraction believe management could gain control of player salaries because jobs would be in greater demand and players would sign for less money than they make now.
Emap shares are trading some way off consensus break-up valuations, and while Mr DeGroote says the discount "is logical at this stage in the auction, and with ongoing turmoil in credit markets, we believe management should drive a very hard bargain.
Still, analysts believe management has got operations under control.
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Payton took verbal shots at his teammates afterward, adding that he believed management should consider making moves before the February trading deadline.
He will also drop a stock if he believes management has steered him wrong, or sometimes if executives take too long to return his phone calls -- a sign of possible trouble.
He believes management buy-outs will become increasingly important as a generation of company owners look to end their careers.
He says the store's current merchandise is very strong and believes management will be able to temper the company's growth plans without overspending.
Lauren Smith of Keefe, Bruyette & Woods said that although she believes management is moving in the right direction, she remains concerned about future sales growth in Merrill's global markets and investment banking business, and its overhang on future EPS.
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CEO of Professional Science Editing for Scientists @ prosciediting.com