The largest Canadian electronics manufacturer, Aramco, said it has a huge hit on its hands after the retailer suffered a record-setting fall in sales.
The company said Wednesday that its third-quarter sales fell by a whopping 11 per cent year-over-year.
That was the largest drop in sales in the history of the company.
“I think that’s an extraordinary achievement,” said Chris Dang, the company’s chief executive.
The company expects to report a loss of about $2.6-billion this year.
Aramco has been in the news lately for its controversial and costly acquisition of Chinese-owned electronics giant Xiaomi, which it is also attempting to buy from Google.
Aramcos shares fell 2.4 per cent on Wednesday, to $10.50.
Apple is also trying to take over Aramcos, although Apple shares were up 4.5 per cent, to a record high Wednesday.
Apple CEO Tim Cook said in April that the company would look to buy Aramcom to improve the company in the coming years.
The company recently hired an investment banker to help with the acquisition.
“We are very excited to bring Aramcon to Apple,” Cook said at the time.
After Aramcons success, Apple bought the Canadian-based retailer for $12.5-billion in February.
Apple has been looking to buy up Chinese electronics giant Aram com as part of its plans to make a bigger impact in the Chinese market.
The retailer has been making major strides to improve its online business.
In November, Aradcom announced it was adding more than 1,500 new stores to its online presence.
The brand, which has been struggling to grow online sales in recent years, also announced plans to expand its distribution footprint in China and Europe.