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.
Comet: electrical retailer is expected to go into administration
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
Latest jobs Jobs web feed
- Account Director- Exciting Online Content Marketing Company- Up to £70,000 plus OTE Cedar Scott Up to £70,000 basic (up to £90,000 OTE) plus share options, Central London
- Category Manager Pearson Competitive salary & performance related bonus & benefits, Central London
- Global Product Manager Evans Taylor c£50k - c£60k p.a. plus car, bonus and benefits, North East of England or Central London
- Retail Marketing Manager - Maternity Cover Tottenham Hotspur Football Club Up to £35,000 pro-rata, Tottenham and Enfield
- Brand Manager Radisson Blu Edwardian, London Competitive , South Kensington, London
- ACCOUNT DIRECTOR/SENIOR ACCOUNT DIRECTOR - BTL/SP/Brand Experience - London - £45 - £55k plus bonus Judi Patton £45K-55K plus bonus, London/Greater London
Integrated digital marketing offers huge opportunities to engage, servic...
Mobile marketing is coming of age, and the pace of change is now exponen...
With UK consumers spending an average of £1,083 a year online, int...
Conversational Mobile Marketing: Engage Customers and Empower Advocates (Expert Reports) External website
The pressure is on for marketers and mobile operators to embrace a strat...
As a nation, the UK is media and technology obsessed with over half of t...
All customers have the potential to become your brand advocates, driving...