New broke early today through a report from the Guardian as far as we can tell that the ailing electrical retailer, Comet, is to enter into administration at some point today.
At this points reports are unclear on the actual position with Comet however sources would seem to confirm that this is quite probably correct and will happen although the timing may not be completely accurate. Even if it were the case that this was only a rumour then we would think that Comet would find that any remaining access that it had to credit would quickly evaporate given some of the reputable outlets running the story.
Just a short time ago the current owner of the Comet business, OpCapita let slip that it was trying to sell the business which has been described as a “basket case” by many and that no serious offers had been forthcoming. Given the losses that Comet is racking up, the fact that it appear OpCapita stand to lose nothing if Comet fails and the credit woes of the Comet business, this news is not surprising to many within the industry.
According to a report from the BBC, The Financial Times and Retail Week have said that OpCapita have lined up Deloitte to act as the administrator, lending even more weight to the notion that Comet is to close its doors.
Comet has 240 stores across the UK and employs around 6,000 people.
A BBC News report is below.
{source}
<object classid=”clsid:d27cdb6e-ae6d-11cf-96b8-444553540000″ width=”512″ height=”400″ id=”movie_name” align=”middle”>
<param name=”movie” value=”http://www.bbc.co.uk/emp/worldwide/player.swf”/>
<param name=”quality” value=”high” />
<param name=”wmode” value=”direct” />
<param name=”allowFullScreen” value=”true” />
<param name=”allowScriptAccess” value=”always” />
<param name=”flashvars” value=”playlist=http://playlists.bbc.co.uk/news/business-20171479A/playlist.sxml&config=http://www.bbc.co.uk/player/emp/2_0_55/config/default.xml&config_plugin_fmtjLiveStats_edition=Domestic&mediatorHref=http://open.live.bbc.co.uk/mediaselector/5/select/version/2.0/mediaset/journalism-pc/vpid/{id}&uxHighlightColour=0xff0000&config_settings_showShareButton=true&config_plugin_fmtjLiveStats_pageType=eav1&holdingImage=http://news.bbcimg.co.uk/media/images/63860000/jpg/_63860866_63860864.jpg&embedPageUrl=http://www.bbc.co.uk/news/business-20171479&enable3G=true&fmtjDocURI=/news/business-20171479&config_settings_showPopoutButton=false&config_settings_showUpdatedInFooter=true&embedReferer=http://www.bbc.co.uk/news/uk-20174712&domId=emp-20171479-6030&config_settings_autoPlay=true&config_plugin_fmtjLiveStats_pageType=eav6&config_settings_autoPlay=false&config_settings_showFooter=true&config_settings_showPopoutButton=false&config_settings_showPopoutCta=false&config_settings_addReferrerToPlaylistRequest=true”/>
<!–[if !IE]>—>
<object type=”application/x-shockwave-flash” data=”http://www.bbc.co.uk/emp/worldwide/player.swf” width=”550″ height=”400″>
<param name=”movie” value=”http://www.bbc.co.uk/emp/worldwide/player.swf”/>
<param name=”quality” value=”high” />
<param name=”wmode” value=”direct” />
<param name=”allowFullScreen” value=”true” />
<param name=”allowScriptAccess” value=”always” />
<param name=”flashvars” value=”playlist=http://playlists.bbc.co.uk/news/business-20171479A/playlist.sxml&config=http://www.bbc.co.uk/player/emp/2_0_55/config/default.xml&config_plugin_fmtjLiveStats_edition=Domestic&mediatorHref=http://open.live.bbc.co.uk/mediaselector/5/select/version/2.0/mediaset/journalism-pc/vpid/{id}&uxHighlightColour=0xff0000&config_settings_showShareButton=true&config_plugin_fmtjLiveStats_pageType=eav1&holdingImage=http://news.bbcimg.co.uk/media/images/63860000/jpg/_63860866_63860864.jpg&embedPageUrl=http://www.bbc.co.uk/news/business-20171479&enable3G=true&fmtjDocURI=/news/business-20171479&config_settings_showPopoutButton=false&config_settings_showUpdatedInFooter=true&embedReferer=http://www.bbc.co.uk/news/uk-20174712&domId=emp-20171479-6030&config_settings_autoPlay=true&config_plugin_fmtjLiveStats_pageType=eav6&config_settings_autoPlay=false&config_settings_showFooter=true&config_settings_showPopoutButton=false&config_settings_showPopoutCta=false&config_settings_addReferrerToPlaylistRequest=true”/><!–<![endif]–><a href=”http://www.adobe.com/go/getflash”><img src=”http://www.adobe.com/images/shared/download_buttons/get_flash_player.gif” alt=”Get Adobe Flash player”/></a><!–[if !IE]>—>
</object><!–<![endif]–>
</object>
{/source}