Deathwatch - Carpetright's profits go through the floor
It's a scientific fact - when a country is in a recession, we all make do with our threadbare carpets a little longer than usual. It may keep our bank accounts in order but it's bad news for the likes of Carpetright - they've just announced a slump in profits of a whopping 70%, from £22.3 million to £6.6 million.
The retailer has already reduced the number of stores across Great Britain and Ireland by 5% to 559 in the past year, and has now said it is reviewing store numbers again as a result of the slump. Carpetright had already issued two profit warnings earlier this year.
Thanks to avid Bitterwallet readers Danny and Mike