"It's probably the most difficult trading environment we have seen almost within living memory, certainly since the last big downturn in the early 1990s," said chief executive John Bowkett who was parachuted into the ailing electricals business from Tesco just less than a year ago.
Sales are well down and operating profits are down, but then so is virtually every retailer in the UK at the moment.
Don't listen too much to the press about the retail climate they have a habit of saying the following are all going out of business...