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Broker's note: Liberty

Seymour Pierce has re-iterated its ‘Hold’ recommendation on department store operator Liberty following the announcement of the closure of its underperforming Sloane Street store.

CITY & CORPORATE

Broker's note: Liberty

Seymour Pierce has re-iterated its ‘Hold’ recommendation on department store operator Liberty following the announcement of the closure of its underperforming Sloane Street store.

The broker says the closure has led to it reducing its pre-tax loss
forecast for the group for 2009 from 4 million to 3.8 million and from 1.6 million to 1.1 million the following year.

Seymour Pierce suggests this decision will enable Liberty to refocus on its retail operations at its flagship Regent Street store. However, despite the good news, the broker remains cautious on the short-term prospects for the company as it still has a high level of debt. The shares are trading unchanged in early trading today (June 23) at 260p.

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