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Over 6,000 jobs are expected to be lost after electrical chain Comet confirmed that has gone into administration.
Private equity firm OpCapita bought Comet last year for the token sum of £2, but the business has struggled in the economic downturn. The 240-store business, has appointed restructuring specialist Deloitte to act as administrator.
Comet’s downfall is one of the biggest High Street casualties of recent years, since the failure of Woolworths in 2008. Other recent collapses includ JJB Sports, Game, Clinton Cards and Peacocks.
The administrator will run the business as a going concern while it assesses its options. They are urgently working on strategies to safeguard the company’s future. Customers with outstanding orders are being told that the company intends to carry out deliveries of goods that have been paid for. But staff at the stores face a very uncertain future.
The economic downturn and increased strain on consumer spending has led many people to put off purchases of larger, more expensive items such as TVs and white goods. Sales of these items have also moved progressively more online.
To survive the future retailers must now offer consumers more shopping options via retail outlets, websites and home delivery.
Are you Comet employee?Have your say!
Our local Comet closed recently, so thats gone now, not sure who will take over the premises, and there were some nice bargains to be had – although no refunds, they would have to have been done directly with the manufacturer apparently.
Never bought a lot in there to be honest as we found it expensive and could get cheaper in some of the other well known shops selling the same items
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