Gift vouchers for stricken retailer Comet have been suspended, the chain's administrator said.
Deloitte, which was appointed yesterday, has launched an "urgent" search for a buyer to protect around 6,600 jobs at the 236-outlet chain.
The Comet stores will remain open and staff will continue to be paid in the meantime.
The collapse of Comet marks one of the biggest high street casualties since the demise of Woolworths in 2008 and comes a month after the failure of JJB Sports.
Electrical chain Comet's website has been off-line for the past 24 hours, reportedly due to uncertainty over stock.
Customers with outstanding orders and those with gift cards and vouchers have been told trade is continuing as normal and that the group intends to fulfil deliveries of goods which have been paid for.
Extended warranties previously purchased are unaffected by the administration and remain valid, added the electrical chain's administrator, Deloitte.
Electricals chain Comet has been officially placed into administration.
Neville Kahn, joint administrator and restructuring services partner at Deloitte, said:
Our immediate priorities are to stabilise the business, fully assess its financial position, and begin an urgent process to seek a suitable buyer which would also preserve jobs.
In the meantime, all stores will continue to trade and all employees will continue to be paid.
We appreciate the co-operation and support from the management, staff, customers, landlords and suppliers at what is clearly a very difficult time.
Electricals chain Comet has collapsed into administration, but customers and the group's 6,600 staff have been told it is business as usual amid plans to secure a rescue deal for the firm.
Administrator Deloitte - whose appointment was brought forward to today - said it was launching an "urgent" search for a buyer to protect jobs at the 236-outlet chain.All Comet stores will remain open and all staff will continue to be paid in the meantime, according to Deloitte.
Electricals chain Comet has been officially placed into administration, but all stores remain open and staff will continue to be paid, administrators Deloitte said today.
Lord Alan Sugar has tweeted his sadness to hear about electronics company Comet going in to administration and revealed a personal connection to the highstreet store:
Sad to see the demise of Comet . They were my first serious trade customer when I started my first electronics factory in the early 70's
– Comet statement
Comet Group Limited can confirm that it has today taken steps to seek the protection of the Court with a view to the Company entering into Administration during week commencing 5th November 2012. In the meantime the Board is urgently working with its advisers to seek a solution to secure a viable future for the Company.
Retail analyst Richard Perks told ITV News that Comet's administration woes are due to a "legacy of under-investment".