Get a demo Do I subscribe? News sign-up
Download PDF
Print

DE-MERGER SHELVED AS FREEMANS GOES INTO RED

News, 01 August 1998

THE SEARS GROUP has postponed the planned flotation of Freemans following the revelation of the home shopping company’s £2.5 million loss in the half-year to 31 July. This compares with a profit of £8.5m in the same period last year. Sears’ chairman Sir Bob Reid said that the Freemans demerger will not now take place ‘until greater confidence returns to the markets and until our current initiatives to strengthen the business and develop a presence in the direct home shopping market have matured further’.