Argos boss should close stores, say analysts

Katie Roberts

By Katie Roberts

March 8th 2012 at 11:24AM
Argos boss should close stores, say analysts

Profit forecasts fall due to 'continued management inaction on store closures'.

The Telegraph has reported that analysts are urging Argos chief exec to act on his plans to close a number of the retailer's 700 stores.

Philip Dorgan, an analyst at Panmure Gordon referred to Walden's claims that he had been given a blank sheet on Argos and said: "We think that he needs to start writing a list of store closures on it."

He continued: "While it may be true that Argos has few stores that don’t make a contribution to overhead, this does not mean that this will perpetuate in an online world, with both Tesco and Amazon continuing to invest substantially."