Currys PC World operator Dixons Carphone is set to close 92 of its 650 stores in the wake of a profit warning on Tuesday morning.
Shares dropped by 20 per cent following the announcement that the company predicts profits to fall to £300 million in 2018/19. This is compared to £382 million in 2017/18 and £501 million in 2016/17.
In spite of the news, new CEO Alex Baldock said that he is not too concerned. "Though there's plenty to fix, it's all fixable.
"Right now, with our international business in good shape, we're focusing early action on the UK. In electricals, we're focused on gross margin recovery."