Comet to close all Stores in UK

Rocky Dec 17, 2012

  1. Ro

    Rocky Guest

    Troubled retailer Comet is to close its remaining stores tomorrow, administrator Deloitte has confirmed.

    The high street chain is owned by private equity firm OpCapita, which recently pulled GAME back from the brink.

    In November OpCapita was forced to pay upfront for its stock and was trading without the credit insurance necessary to protect suppliers from failure of a retailer

    MCV reports the closure, which comes just days before Christmas, will result in the loss of around 6,600 employees. The retailer will pay £2.1m in holiday and back pay to its employees.

    There is speculation that Dixons, which hired a significant amount of displaced Comet employees for Christmas temp positions, may buy some stores. The retailer's website could also be acquired.

    Source - CVG
    Last edited: Dec 17, 2012

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