Last days of Comet

High Street electrical giants Comet, which was founded in Hull, closes its remaining stores.

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Comet's demise must be "thoroughly investigated"

The last of the remaining Comet stores has now closed down as it emerged that events surrounding the chain's collapse are being examined by the Insolvency Service. The dramatic collapse of the company founded in Hull has cost almost seven thousand jobs.

The Government's facing a bill topping £50 million pounds in redundancy costs and tax which the firm had insufficient funds to pay. Business Secretary Vince Cable MP says a "thorough investigation" is needed.

Final day for remaining Comet stores

Comet electrical store Credit: ITV Yorkshire

Comet's last remaining stores will trade for the final time as the high street spending slump claims another high-profile casualty. The closure of the final group of 49 stores from the former 235-strong estate comes seven weeks after Deloitte was appointed administrator.

The collapse of the firm, founded in Hull in 1933 and which employed around 6,895 people at the time of its collapse, is one of the biggest high street failures since the demise of Woolworths in 2008.

Deloitte has so far failed to find a buyer for the company or any of its shops and in a report said it remains in talks with a small number of parties including over the sale of internet operations and the brand.

With insufficient funds raised from the winding down of the chain, it will fall to the Government's Redundancy Payments Service to meet £23.2 million of outstanding redundancy pay, accrued holiday pay and pay in lieu of notice.

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