3000 Comet job losses expected

Administrators for the electrical retail chain Comet has announced 125 store closures, which is expected to trigger around 3,000 job losses. Around 330 jobs have been gone today.

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Comet gift vouchers suspended

Gift vouchers for stricken retailer Comet have been suspended, the chain's administrator said.

Comet gift vouchers have been suspended. Credit: Andrew Milligan/PA Wire

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.

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Comet administrator outlines immediate priorities

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.

Business as usual at Comet as search for buyer begins

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.

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