Comet
Huntingdon Comet at risk after retailer announces plans to enter administration
Hywel Barrett
Thursday, November 1, 2012
3:20 PM
STAFF at Comet in Huntingdon will learn their fate next week when the business is placed into administration.
The electrical store chain announced today that Deloitte has been lined up as administrators.
The 6,500 members of staff employed by Comet were told of the plans this morning.
Comet said it was “urgently working” on plans to secure the company’s future and it is expected that administrators will seek a buyer for the business.
Customers with outstanding orders and those with gift cards and vouchers are being told it is business as usual until further notice and that the group intends to fulfil deliveries of products that have been paid for.
Investment firm OpCapita bought Comet, which has 240 stores, in February for £2 but has been unable to secure trade credit insurance needed to safeguard suppliers.
The rise in Internet shopping is blamed for the decline in Comet sales.
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