The Independent - London, January 24th, 2003
MORE THAN pounds 100m was yesterday wiped off the value of N Brown, the catalogue shopping group, as it admitted that a failure to keep pace with high street rivals and plans to plug a pounds 10m shortfall in its pension fund meant it would undershoot profit targets this year.
The City reacted with alarm at the latest round of dismal tidings from the retail sector, sending the shares down by 27 per cent. The stock closed last night at a nine-year low of 95.5p, valuing the group at pounds 291m.
The news came in a downbeat Christmas trading report from the Manchester- based group which runs mo...
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