Comet poised to file for administration
Comet is poised to file for administration this morning, putting around 6,000 jobs at the struggling electronics retailer at risk.
It is understood Comet will announce the intention to appoint Deloitte as administrator later today as the retailer battles with paying suppliers up front for stock ahead of the crucial Christmas trading period.
The news comes less than a year after former Comet owner Kesa sold the retailer to a private equity-backed firm for £2.
Comet was bought by Hailey Holdings and Hailey Acquisitions, backed by private equity firm OpCapita, in November last year.
At the time the new owner promised to keep Comet as a going concern for 18 months and said after the period it would close some of the 250 stores to strip out costs.
Comet's expected fall into administration is just the latest bleak news to hit the high-street and follows that of Best Buy pulling out of the UK market less than a year ago by closing its 11 UK stores
The potential disappearance of Comet from the high street would leave Dixons Retail, owner of the Curry’s and PC World brands, as the only major consumer electronics retail brand with a physical presence in the UK.
Comet's and Best Buy’s woes come as consumers increasingly turn to online retailers including Amazon to buy their electrical goods.
Comet declined to comment.Follow @mattchapmanuk
This article was first published on marketingmagazine.co.uk
- Affiliates Executive - No. 1 Agency! GoodEgg Digital Circa £25k + Exceptional Benefits, Central London
- Digital Display Manager - Leading Agency GoodEgg Digital £Neg + Great Benefits, South East England / London (Central), London (Greater)
- Senior Marketing Director - 9-12 month FTC Comedy Central £competitive, Camden, London (Greater)
- EVENTS COORDINATOR - AGENCY Live Recruitment COMPETITIVE, Derbyshire
- Paid Search Manager (Chinese market) - London - £45K + benefits Salt £45000 per annum + benefits, London
- Sorrell warns of Scotland becoming an 'outlier' and the UK 'diminished' by a Yes vote
- Sometimes collaboration, not innovation, can be the key to winning campaigns
- Instagram partners with Omnicom to launch ad service in the UK
- Virgin Trains spends £8 million on advertising to refocus on its brand
- WPP challenges Govt review
- First Direct launches campaign in Downton Abbey slot