If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

6000 jobs at risk as Comet nears administration - report

Sources claim that the UK's second biggest electronics retailer is in crisis

The UK electronics retailer Comet us expected to enter administration today, putting around 6,000 jobs at risk.

According to a report from The Guardian, Comet lost £35 million in the year ending April 2012 due to increasing competition from supermarkets and the ongoing financial crisis in Europe. Comet is the UK's second largest electronics retailer after Dixons, employing 6000 staff across 240 stores.

The Guardian's sources claim that trade insurers have cut credit lines to Comet's suppliers. The financial services conglomerate Deloitte is ready to hand le the administrative process, though Comet will continue trading for the time being.

Comet is owned by OpCapita, the same company that bailed out GAME during its recent crisis. OpCapita purchased Comet from the French company Kesa nine months ago for the nominal sum of £2. In the sales document, OpCapita pledged to keep the chain running for at least 18 months.

Tagged With

Author

Matthew Handrahan avatar

Matthew Handrahan

Editor-in-Chief

Matthew Handrahan joined GamesIndustry in 2011, bringing long-form feature-writing experience to the team as well as a deep understanding of the video game development business. He previously spent more than five years at award-winning magazine gamesTM.

Comments

More News

Latest Articles