May 26 2013 Latest news:
Thursday, November 1, 2012
Electricals chain Comet looks to be on the brink of administration in a move threatening the jobs of staff at three stores in Norfolk.
The company’s position, which could be confirmed later today, will represent one of the biggest failures on the high street in recent years.
The retailer, which has outlets in Norwich, Great Yarmouth and King’s Lynn, employs an estimated 6,000 people across the country.
Comet was bought for a nominal £2 by investment firm OpCapita earlier this year but has been unable to secure the trade credit insurance needed to safeguard suppliers.
Restructuring specialist Deloitte has reportedly been lined up for the administration and will begin by attempting to secure buyers for the company’s 240 stores.
The move raises the prospect of a pre-Christmas rush for discounted stock as the administrator looks to wind down supplies and raise cash for creditors.
Comet’s reported collapse is one of the biggest since the demise of Woolworths in 2008 and comes a month after the failure of JJB Sports. Other recent casualties have included Clinton Cards, Blacks Leisure, Game and Peacocks.
If you work for Comet in Norfolk we would like to hear what you have been told. Call Stephen Pullinger on 01603-772446.