UK Retailer Comet to Close for Good on December 18 - NewsWilliam D'Angelo, posted on 17 December 2012 / 5,513 Views
UK retailer Comet has been struggling for quite sometime and it has announced it will close its last 49 stores on December 18. Comet has been in administration (equivalent to Bankruptcy in the US) for over a month and no one has stepped forward to purchase the company. 6,6000 employees have lost their job and £2.1 million in holiday and back pay will be paid to employees.
OpCapita purchased Comet for £2 plus all of its debts in November 2011. OpCapita had saved GAME earlier this year from going under.
"We are sorry for all the Comet employees who have served the business and customers with great loyalty and have lost their jobs at such a difficult time," said OpCapita last month. "OpCapita installed a new management team led by John Clare, who did their utmost to revive the loss-making Comet business, but a combination of adverse factors, including the withdrawal of credit insurance and the consequent reluctance of suppliers to supply the business on normal terms meant it became impossible for the business to carry on trading."
The only bit of good news is that Dixons has hired 1,000 former Comet employees for temporary positions for the holidays.