Thousands to lose jobs as last Comet stores close

The last Comet stores will close on Tuesday Credit: Yui Mok/PA Wire

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.

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Cable calls for Comet inquiry

The Business Department confirmed that Vince Cable has called an investigation into Comet in a bid to find out why the firm ended up going out of business and the circumstances around the purchase of the company by a private equity firm last year.