First-half sales at electronics retailer Flamingo nosedived 45% to ROL187m (£38m).

Chief executive Stefan Treiber explained the drop had been the result of a decline in the local market, but believed problems would not continue in the second half as costs had been cut, including reducing the number of employees from 1,100 to 750. Some 15% of the remaining staff are expected to be laid off in the second half as well.

Flamingo closed 29 stores this year, leaving it with a total of 85.