Published: 1 September 2000 09:11 GMT
Online retailer, jungle.com has been bought by Great Universal Stores for £37m.
The acquisition has been seen as a fall in value for the online retailer as it was slated for IPO at £750m.
In its first year the company made sales of over £75m, but due to the cost of developing its site and a high profile marketing campaign, it recorded losses of £11m.
Great Universal Stores, which owns the Argos home shopping chain, intends to use the acquisition to spearhead its ecommerce strategy.
Earlier this week, jungle.com had been linked with Great Universal rival Kingfish
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