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Default Excel 2007 - font/cell formatting lost saving 2003 xls

Issue: cell/text formatting is automatically removed after I open a saved
document. This problem has occurred 3-4 different spreadsheets:

- After I upgraded to Office 2007, I was working on a basic spreadsheet
(just data columns with fonts, font colours, font highlights and sorted) that
I had previously saved using 2003 as a XLS. I was using/running
Compatibility mode and no compatibility issues where reported when I saved
the documents. After I added a few new lines, I saved the excel spreadsheet
as XLS and reopened the file, all of the cell formatting €“ font, colours,
where moved and I was left with a basic black text document in the excel 2007
default font and no colours or cell formatting.

Why does this keep occurring?

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