Lack of buyer sparks Comet store closures

The failure to find a buyer means that 41 Comet stores will be closed at the end of the month as the struggling retailer looks to control costs

Unless a buyer comes forward in the next couple of weeks 41 Comet stores will be closed at the end of the month.

The electrical retail chain fell into administration last month and has been running discount sales in its stores to encourage custom and to encourage a buyer it has a viable operation.

But a buyer has yet to emerge and as a result closing down sales started in 27 stores over the weekend and will kick off in a further 14 stores later this week.

The remaining 195 stores will continue to trade as usual and the administrators Deloitte will try to redeply staff from closed outlets to nearby operations.

But it has warned that there will be redundancies, which will follow on from the 330 that were cut out of back office functions a couple of weeks ago.

“We are very grateful to the Company’s employees for their professionalism, loyalty and support at this difficult time and all employees will of course continue to be paid for all the work they do while the Company is in Administration," said Chris Farrington, joint administrator.

Attempts to sell the business are on-going but so far have failed to produce a deal that would prevent the store closure programme starting.

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