The firm's chief executive George Jones blamed trading conditions, including a weakened economy, increased borrowing costs as well as intense competition from online retailers such as Amazon and supermarkets, which have increasingly encroached on its staple business of books, DVDs and CDs."We will be slowed in our progress and expect that we'll reach them later than originally anticipated," said Jones. "Still, we believe that our strategic plan remains the right path toward achieving these goals."
Former Channel 4 chairman, Luke Johnson bought the UK side of the business in 2007 for £10 million.
Advertisement
Related Stories
- Asda announces audio and audio-visual equipment sale Dec 20th 2011 at 10:23AM
- Comet to close 17 stores Jun 22nd 2011 at 10:13AM
- Kesa considers Comet sale May 16th 2011 at 12:43PM
- Apple Black Friday sale is this week Nov 24th 2010 at 10:59AM
- Steve Ballmer sells $1.3bn of Microsoft shares Nov 8th 2010 at 10:32AM
- Steve Jobs was 'enraged' by Bungie sale Oct 28th 2010 at 11:41AM
- ARM forms new company Jun 3rd 2010 at 11:07AM
- iPad pre-orders on target Mar 16th 2010 at 12:32PM
- iPad goes on pre-sale in US Mar 12th 2010 at 12:00PM
- Google founders to sell 10m shares Jan 25th 2010 at 11:09AM
