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Administrators to close a further 125 Comet stores

Up to 2,500 jobs to go as Deloitte administrators look to close 125 stores

29 Nov 2012 Accountancy Age

By Rachael Singh

comet-beats-reduced

DELOITTE ADMINISTRATORS are to close 125 Comet stores and a distribution centre, putting between 2,000 and 2,500 jobs at risk.

Neville Kahn, Nick Edwards and Chris Farrington, all from Deloitte, were appointed joint administrators to the retailer, which is headquartered in Rickmansworth, on 5 November.

An announcement from the administrators said they will a further 125 stores in addition to the 41 closed earlier this month.

Prior to its collapse, Comet operated out of 236 stores and employed 6,611 full- and part-time staff, which is equivalent to 4,683 full-time staff.

On 30 November it is proposed that the Harlow-based distribution centre is due to close – however, the Skelmersdale base will continue to support the store network.

The remaining 70 stores will remain open until all of the remaining stock is sold.

Farrington said: "We remain in discussions with a small number of interested parties and hope that a positive outcome can still be achieved. Should any acceptable offers be received for stores, we will delay the closure process.

"Unfortunately, in the absence of a firm offer for the whole of the business, it has become necessary to begin making plans in case a sale is not concluded. If a sale is not possible, we would envisage stores to begin closing in December."

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