According to Argos one of the top retailers in UK has writen off £542M. It payed £900M in 2006 for Homebase which is now worth less that its half nearly £300M. The sales of Homebase has droped by 32% and argos by 14%. The target profit for the year ending at Feb2009 has come down to £327M from £350M which is even less to profit the previous year of £433M.
The cash left in theit bank is just £275M but divided is maintained at 4.7p.
They also declared that this year could be their worst Christmas in their 35yrs of business.
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