Comet to go into administration

editorial image

JOBS could be at risk at electrical store Comet in Lancaster after it was announced the chain would be put into administration next week.

Private equity firm OpCapita, which owns the 240-store business, has lined up restructuring specialist Deloitte to act as administrator.

OpCapita bought Comet last year for just £2, but the business has struggled from the downturn in consumer spending.

The administrator will run the business as a going concern while it assesses options for sales, closures and liquidation.

Comet said it was “urgently working” on plans to secure the company’s future.

Customers with outstanding orders are being told it is “business as usual until further notice” and that the group intends to fulfil deliveries of products that have been paid for.

Comet’s customer care team is handling customer inquiries on 0844 8009595.

Comet is thought to have had operational losses of about £35m last year.

It is one of the biggest retail casualties since the demise of Woolworths in 2008.

Other recent High Street collapses have included JJB Sports, Clinton Cards, Blacks Leisure, Game and Peacocks.