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Jobs Fall At Stricken Retailer Comet as Liquidation Sale Begins

Written by: Keith Tully

Reviewed: Monday 5th November, 2012

empty shop

Stricken high-street retailer Comet has begun its redundancy process led by administrators Deloitte after the renowned electrical chain-store was hit hard when US backers pulled the plug.

Administrators have announced that 330 jobs have already been made redundant, with the majority at the retailer's head office and support centres in Rickmansworth, Hull and Clevedon.

No redundancies have been made in Comet stores or distribution centres - which continue to trade as normal for the time being - with massive closing down sales beginning.

Staff at all 236 Comet stores across the UK have been paid and that will remain the case according to administrator Neville Kahn:

"Staff will continue to be paid for the work they do while Comet is trading in administration. We remain extremely grateful to the staff and management for their continued loyalty and support at what is clearly a very difficult time."

On a potential sale of the business, Kahn added:

"We are in discussions with a number of parties who have expressed interest in parts of the business and we continue to work hard to preserve jobs.

"In-store sales will continue through the coming weeks. We are pleased with the response so far, as the discounts have helped generate record levels of sales."

A message on the Comet website states:

'On 2 November 2012, Neville Barry Kahn, Nicholas Guy Edwards and Christopher James Farrington each a partner in Deloitte LLP were appointed Joint Administrators, and now manage the affairs, business and property of, Comet Group Limited.

The Joint Administrators contract as agents of the Company only and without personal liability. The Joint Administrators are authorised to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales (ICAEW).'

Comet's website is also warning customers that it is no longer providing refunds, and any goods ordered but not paid for prior to administration will not be delivered.

Keith Tully

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Keith Tully
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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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