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.

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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.