Sales plummeted at electricals retailer Comet over Christmas and net debt rose.
The Kesa-owned chain, which is being sold to investment firm OpCapita, suffered a 14.5% decline in like-for-likes and online sales were flat between the start of November and January 8. Total revenues slid 15%.
Although sales had been improving in the run-up to Christmas, performance was poor between Boxing Day and the new year.
The sale of Comet to OpCapita is expected to be completed on February 3.