Comet retail chain moving into administration

Posted on 1 Nov 2012 at 16:32, by Tom Morgan

Comet, one of the UK's largest electronics retailers, has confirmed it will enter administration next week. The 240-store chain is the highest-profile high street casualty facing closure since Woolworths shut up shop during the height of the financial crisis. If Comet closes, 6,000 jobs will be lost.

With online shopping giant Amazon putting pressure on high street retailers, chains such as Comet have been struggling for some time - the company was sold for £2 in 2011 and has been operating without sales insurance, which normally guarantees suppliers they will receive payment for supplying stock to stores.

A comet spokesperson said the company was "urgently working" on a plan to secure the future of the company, with all signs pointing to administrators looking for a buyer to save the business.

Customers with gift cards and vouchers or outstanding orders have been told it's "business as usual until further notice" and that the company plans to fulfil deliveries for purchased products, but we recommend anyone with leftover store credit use it now in case the promise gets rescinded at the demands of the administrators.

If you're worried about an order you've placed, you can get in touch with the Comet customer care team on 0844 8009595.

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