Category: Comet

Comet have officially confirmed this evening that they are to enter into a consultation period with a view to closing down their in-house service operations with the loss of around 450 jobs.

John Clare, a former Dixons chief executive, has met with the Comet’s key suppliers in recent days, after trade credit insurers placed their coverage of Comet “under review” after the announcement that parent company Kesa planned to sell the business to the private equity firm OpCapita.

Kesa who expect to complete the sale of Comet to investment firm OpCapita on 3rd February, unveiled a 14.5% drop in like-for-like sales at the UK chain in the three months to January.

The Financial Times has reported that Comet is due to hold crucial talks with trade credit insurers this week to determine whether they will continue to offer cover to its suppliers following next month’s planned sale of Comet to OpCapita.

Kesa Electricals Plc, the electronics retailer that’s selling its U.K. Comet chain, reported a first- half loss after sales deteriorated in all its main divisions, and said market conditions continue to be “tough.”

Reuters reports that OpCapita, the private investment firm that has agreed to buy Kesa Electricals’ loss-making Comet chain in the UK, is confident of securing a line of financing essential for the deal to proceed, a person familiar with the situation told Reuters.

The BBC reports this morning that electrical goods retailer Kesa has announced plans to sell off its troubled UK-based Comet stores to a private equity firm for just £2.

The Press Association reports that Dragons’ Den star Peter Jones is understood to be in the running for a top post with beleaguered electricals retailer Comet.

Reports are surfacing this morning that the OpCapita bid for Comet may be gaining traction with help from an unexpected source, John Clare the former boss of Dixons Retail, Comet’s long time nemesis in electrical retailing.

The Independent reports at the weekend that Comet’s parent company, Kesa, is thought to be planning to pick up the tab for the Comet pension fund to ease a sale of the struggling business.