The news just keeps getting worse for RIM’s PlayBook tablet. Not only is the company missing targets, but return rates for the device are quite high.

[ad#Google Adsense 300×250 in story]Citing a source from a big box retailer, BGR on Friday said the PlayBook missed the retailer’s internal projected sales targets. RIM didn’t just miss the targets by a little — according to the source, the PlayBook fell short of the targets by over 90 percent.

Not being able to sell the PlayBook is a problem in itself, but it seems that many of the devices sold are being returned. According to the source, the PlayBook’s return rate is higher than the Motorola Xoom, which has a high return rate of 7 percent.

RIM contacted The Loop on Friday disputing what the source said.

“The source of the reported comment is anonymous and unknown to RIM, but the comment is certainly inconsistent with the positive feedback we have received from our main retail partners,” said RIM in the statement. “As previously indicated, RIM will provide a business update on BlackBerry PlayBook results on June 16.”

RBC Capital Markets General Manager Mike Abramsky said in a note to clients on Wednesday that according to his channel checks, sales have been steady since the launch of the device. Abramsky predicted that RIM sold about 250,000 units in the first month.

In comparison, Apple sold more than 300,000 original iPads in the first day.

In late April, RIM warned that it would not meet guidance for its first fiscal quarter of 2012. The company blamed lower shipments of BlackBerrys for the shortfall.

Update: Added statement from RIM 11:40 am PT