6,000 Jobs at Risk as Comet Ponders Administration

By Gary Cutlack on at

The retail parks of the country might be about to lose one of their most dedicated leaseholders, with struggling UK electronics retailer Comet said to be about to slump into administration.

The fridge, washing machine and TV specialist is believed to have made a loss of around £35m in the year ending April 2012, with more misery heaped on the chain thanks to trade insurers pulling their support and asking to be paid upfront for stock, due to worries about its financial health and the possibility of another sale and/or break-up.

Comet currently has some 240 shops around the UK, with the chain changing hands last year for just £2. Staffing levels have already been cut from around 10,000 to just over 6,000 under the reign of the new owners and former Dixons boss John Clare. [Guardian]