Poor sales lead to closure
Home Entertainment Corporation has closed its teleshoping business ChoicesUK TV following poor sales.
The venture was launched last August and all related costs will stop by July. The total losses incurred will be£1.35 million.
However, in a statement, the company said trading in the second half of the financial year was 'encouraging' and in-line with market expectations, however it was operating in a 'challenging business environment'.
The group said the 'encouraging' trading was because of restructuring the company's product range and rebranding ChoiceUK stores. It also reported that the latest phase of its central overhead reduction programme had saved the group£2 million a year.
In interim results released this January, the group's operating loss before exceptional costs was£80,000 for the 28 weeks to December 17.
No comments yet