Comet to close 41 stores

Stricken electricals retail chain Comet will close 41 stores by the end of the month unless a buyer can be found, administrators confirmed today.

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Stricken electrical chain Comet faces closure

Deloitte had already announced 330 redundancies at the company but there have been no job losses among shop staff as yet and all the chain's 236 stores remain open at present.

The bulk of the staff cuts have been made in Comet's head office in Rickmansworth, Herts, as well as its site in Hull and call centre in Clevedon, Somerset.

The collapse of Comet marks one of the biggest high street casualties since the demise of Woolworths in 2008 and came a month after the failure of JJB Sports.

The group was hit by weak high street trading conditions, competition from online rivals and being unable to secure the trade credit insurance needed to safeguard suppliers.

In particular, it was knocked by the lack of first-time home buyers, which had been key customers for Comet, according to Deloitte.

Comet to close 41 stores, says administrators

Stricken electricals retail chain Comet will close 41 stores by the end of the month unless a buyer can be found, administrators confirmed today.

Redundancies were "inevitable" although administrators Deloitte said they would look to place staff from closing stores into other nearby outlets.

Up to 500 jobs could be under threat at 27 of the stores where closing down sales begun today. A further 14 closing down sales will begin early next week.

We are very grateful to the company's employees for their professionalism, loyalty and support at this difficult time and all employees will of course continue to be paid for all the work they do while the company is in administration.

– Chris Farrington, joint administrator

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Administrators confirm 41 Comet stores to close

The joint administrators of electrical retain chain Comet have today confirmed plans to close 41 Comet stores by the end of November, unless a buyer can be found for the business.

Troubled high street chain Comet. Credit: Max Nash/PA Wire/Press Association Image

Closing down sales have begun at 27 stores across the country today and will begin in a further 14 stores early next week.

Administrators will look to redeploy staff from any stores which are closed.

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