Highly seasonal business with sales concentrated around the Halloween season (almost 50% of sales comes from the Halloween-focused Spirit brand during fiscal third quarter). Limited pricing power due to the discretionary nature of the company's merchandise. Exposure to declining mall traffic trends, especially at the Spencer's brand. High amount of adjusted debt. Thin projected cash flow protection levels. S&P Global Ratings' negative outlook on SSH Holdings Inc. d/b/a Spencer Spirit reflects its expectation for moderate EBITDA contraction over the next 12 months driven primarily by lower sales volume at Spirit Halloween stores due to the unfavorable timing of Halloween falling on a Wednesday in 2018. We also anticipate declining mall traffic to remain a headwind for the Spencer's brand, and
