Comet to go into administration

Comet, one of the UK’s leading retailers in tech, home entertainment and appliances, is facing administration according to reports

Around 6,000 jobs at Comet are now at risk following reports that the electrical goods retailer has told its staff that it will be placed into administration next week. According to a report published on the Independent's website, staff were told that Deloitte has been earmarked to handle the administration and that Comet was 'urgently' workingt to secure the retailer's future.

Comet was purchased by OpCapita for just £2 last year., Industry analysts estimate that the company made a loss of £35m in the year to April 30th. Comet has run into trouble recently, with suppliers demanding payment up front for stock ahead of the Christmas retail trading rush. According to the story in the Independent, customers with outstanding orders and those in possession of store credit have been told it's "business as usual until further notice". Comet has also said it plans to fulfil all deliveries of products that have been paid for.

If Comet does head into administration, it will be the 29th high street retailer to fail since the beginning of the year and its closure will come just a month after sports retailer JJB Sports went into administration, causing 2,200 job losses.

Source:The Independent

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