Matalan has had a poor run-up to Christmas. Like-for-like sales (which exclude the effect of new store openings) in the latter half of November were down by more than 10 per cent on the previous year. This dire news forced analysts to wipe up to £30m from their profit forecasts for this year.Last week's profits warning has inevitably reignited speculation that John Hargreaves, the controlling shareholder in Matalan with a 52 per cent stake, may either sell the business or take it private in the new year.