This has failure written all over it. The problems with Private didn't start with tubes, they started way before the tubes because they have no capable people running the online side of their business and they couldn't match what they did with their offline sources of revenue.
Anyway, I wrote an article a few months ago explaining
why Private failed and will continue failing if they don't do something. If this is the
something they were planning... well, I'd recommend you to sell your shares of Private.
I can see how and why they'll fail, they have a huge Damocles sword pending over their heads, and even though the final answer is very easy (and they even recognize the risks involved), I think that one of the main problems they had, and what is leading to this situation (besides the lack of knowledgeable human resources) is that they forgot what led them to the path of success. And to make it worse, they want to try a highly competitive business model while not having a clue about it.
Sorry if there's any Private guys around, I'm a huge fan of the brand and can't even understand why are you letting the brand fail this way. It's harsh, but it's true. At least, that's how I see it, take it fwiw