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COPYRIGHT 2005 Asia Pulse Pty Ltd
MELBOURNE, Sept 23 Asia Pulse - Coles Myer Ltd (ASX:CML) should retain and restructure its ailing Myer department store chain rather than sell it and risk it becoming another competitor, investment house Citigroup said today.
Citigroup believes the poor annual result from Myer, which made A$38.6 million (US$29.3 million) in 2004/05 but lost $15 million in the second half, will make bargaining with interested buyers more difficult.
Australia's biggest...
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