News

Comet enters administration

Comet enters administration

Comet has confirmed it will be entering administration next week. This will be the biggest UK high street failure since Woolworths went down the pan in 2008. Comet employs about 6,500 people, operates 240 large sized stores and an e-commerce website.

Accountancy firm Deloitte will look at various options for the administration. Comet could yet be sold as a going concern, scaled back (like GAME) or simply liquidated. One of these options is going to be decided upon next week, though no exact date was given. If you have Comet vouchers it is suggested you spend them this weekend.

The Guardian says that Comet was in chaos yesterday as its website crashed and its suppliers arrived to commandeer stock at the stores. Comet chief executive Bob Darke sent an email to staff saying the board is “urgently working with its advisers to seek a solution to secure a viable future”.

In the last financial year Comet made a loss of £35 million and parent company Kesa Electricals decided to sell it toventure capitalist company OpCapita for a sum of £2. Without the large parent backing it with credit insurance suppliers were not keen to leave stock at Comet and therefore the range on offer at Comet has dwindled. Not good for a business already struggling.

Source: Telegraph

Laurence Howe

Disqus Comments Loading...

Recent Posts

Plaion Launches Retro ZX Spectrum Computer

Plaion, a leading video game publisher, and Retro Games Ltd., a specialist in reimagined classic…

3 hours ago

NVIDIA Warns of GeForce RTX 40 Graphics Card Shortages in November and December

During the latest earnings call, NVIDIA CFO Colette Kress warned of a potential GPU supply…

5 hours ago

GeForce RTX 5090, RTX 5080, RTX 5070 Ti, and RTX 5070 Reportedly Coming in Q1 2025

Chinese sources say the GeForce RTX 5090, RTX 5080, RTX 5070 Ti, and RTX 5070…

5 hours ago

GTA 6 Already Winning Awards Before Its Launch

GTA 6 doesn’t have an official release date yet, but it has already earned a…

9 hours ago

DJI Osmo Mobile 6, 3-Axis Phone Gimbal

Stay on Point with ActiveTrack 6.0 - With upgraded tracking tech, OM 6 sticks to…

9 hours ago

Drayton Wiser Smart Radiator Thermostat TRV

Pack includes three Wiser Radiator Thermostats. These smart radiator thermostats are only designed to work…

9 hours ago