Cable gets involved as Comet closes its doors
The last day of trading for Comet - yet that might not be the end of the story. Vince Cable has called an investigation into what went on.
Thousands of Comet jobs under threat before Christmas
The large distribution hub in Harlow in Essex has become the biggest Comet site so far to close, with 172 people losing jobs.
Bad news for Comet staff before Christmas
A many as 5,000 Comet staff could lose their jobs in the next few weeks as administrators announced another 125 shops will close.
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Comet's website announces closures
Comet's last remaining stores will trade for the final time today 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, 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.
HMRC 'to miss £26m in taxes' due to Comet collapse
It has been reported that unsecured creditors of Comet include HM Revenue & Customs which is owed £26.1 million in unpaid taxes.
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Government to meet £23.2m Comet staff payments bill
With insufficient funds raised from the winding down of electrical chain Comet, 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.
According to a new Deloitte report, the chain racked up losses of £95 million in the year to April, having seen revenues slump by £200 million on a year earlier.
This was followed by a further £31 million loss in the subsequent five months as credit insurers lost confidence and withdrew support for the business.
Remaining Comet stores to trade for final time
Electrical chain Comet's remaining stores will trade for the final time tomorrow.
The closure of the final group of 49 stores from the former 235-strong estate comes seven weeks after Deloitte was appointed administrator.
Deloitte has so far failed to find a buyer for the company or any of its shops.
In a report published today, it said it remains in talks with a small number of parties including over the sale of internet operations and the brand.
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.
Thousands to lose jobs as last Comet stores close
Deloitte has said the last 50 stores will close for the final time on Tuesday, amid speculation that the brand will be sold to an online retailer and around 20 shops picked up by rivals.
The Sunday Telegraph added that unsecured creditors also included ITV and Google, which are owed £1.2 million and £602,000 respectively for unpaid advertising bills, while holders of £4.7 million of unclaimed Comet gift cards and vouchers are also on the list.
However, an estimated £40 million of payments will be made to suppliers and £2.1 million of holiday and back pay owed to staff will be paid in full.
Comet losses 'hit £95m'
Comet have reportedly racked up losses of £95 million in the year to April, followed by a further £31 million in the subsequent five months as credit insurers lost confidence and withdrew support for the business.
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Comet collapse leaves £50m bill
The government will take a £50m hit from the collapse of Comet, in the form of unpaid tax and redundancy costs, reports the Guardian.
The report will also disclose that unsecured creditors, including HM Revenue & Customs, which is owed £26.1 million, will receive nothing.
Secured creditors, such as the backers of Comet's parent company Hailey Acquisitions, will get payments of just under £50 million.
However, the Sunday Telegraph said this represented a shortfall of £95 million on the amount owed at the time of the collapse of the 236 store chain in early November.
Taxpayer may face £24m Comet bill over staff payments
The collapse of stricken electrical chain Comet has left the taxpayer looking set to face a bill of at least £24 million, according to The Sunday Times.
A report from Comet's administrator, Deloitte, is likely to indicate that insufficient funds have been raised to pay 6,000 members of staff redundancy payments totalling £24 million.
The report suggests the Government will "probably" have to step in to ensure workers receive a payout.
Thousands of Comet jobs under threat before Christmas
The large distribution hub in Harlow in Essex has become the biggest Comet site so far to close, with 172 people losing jobs.
Read the full storyJob losses as Comet distribution centre in Harlow is closed
Today administrators closed Comet’s distribution centre in Harlow, leaving 70 stores to stay open until Comet sells its remaining stock, with 118 more closures planned.
"I've been with the company over 20 years. To be told within 5 days that you've lost your job, it's like a kick in the teeth, it's like losing everything" said one former employee.
ITV News' Consumer Editor Chris Choi reports:
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