Retailer bolsters cash reserves amid takeover battle as Argos slows sales declineHome Retail Group has halved the pace of sales declines at its Argos chain and bumped up cash reserves amid a takeover battle between Sainsbury’s and the South African retail group Steinhoff International.
The company boosted hopes of securing a raised tender from one of its suitors by revealing it had generated £100m more cash on its balance sheet than expected,after managing cash carefully over the peak Christmas period, cutting investment in Homebase before its sale and settling some historical tax matters, and taking its net cash position to £625m. Related: Rival challenges Sainsbury's in domestic Retail Group takeover Continue reading...
Source: theguardian.com