Date:02 November 2012
Comet to go into administration
Comet, the UK’s second largest electrical retailer, will go into administration next week, putting 6,500 jobs at risk. The troubled retailer has filed an intention to appoint an administrator, with a view to entering administration.
A statement from the company said: “Comet Group Limited can confirm that it has today taken steps to seek the protection of the court with a view to the company entering into administration during week commencing November 5, 2012. In the meantime, the board is urgently working with its advisers to seek a solution to secure a viable future for the company.”
Reports suggest that Deloitte could be lined up to handle the administration of the 240 stores, which are expected to remain open for business in the meantime. Comet has advised customers it will honour deliveries of items that have already been ordered and paid for. Customers have been advised to spend any gift cards or vouchers as soon as possible, while stocks last.
Comet was bought by investment firm OpCapita for a nominal £2 in February. The retailer is estimated to have made a loss of £35m in the year to 30th April.