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Ferrit

Telecom gives Ferrit the chop

Telecom has finally pulled the plug on its struggling online retail venture Ferrit.

The website will stop taking orders on Wednesday, with the telco saying the move is “part of the company’s focus on the delivery of its core services.”

Ferrit’s demise has been widely predicted, with many seeing the division as an easy target for Telecom chief executive Paul Reynolds as he tries to revive the telco’s performance and flagging stock price.