It’s the end of the line for retail park electronics chain Comet, which blinks out of existence today, its last day of trading. The administrators are “pulling a Woolworths” too, with shop fittings, shelving and more all up for grabs.
Only 49 of the chain’s 236 branches are still open today, with most of its near 7,000 staff now unemployed. It’s come at quite a cost to the UK taxpayer as well, with the government picking up the compulsory redundancy payments of many dismissed staff and losing out on some £26m in unpaid tax revenue.
Comet went into administration back in early November. After failing to find a buyer, administrators are now considering final offers for the smoking remnants, which include a bid to buy the brand name alone. [BBC]