UK Retailer Comet to Close for Good on December 18

by William D'Angelo, posted on 17 December 2012 / 5,025 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.


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4 Comments

Mazty
Mazty (on 17 December 2012)

They had rude, unhelpful staff and uncompetitive prices...This was bound to happen.

  • +1
zippy
zippy (on 18 December 2012)

What a shame, i bought my first Gamecube game from Comet (Wave Race Blue Storm). Feel sorry for those who are losing their jobs, and hope they find employment quickly.

  • 0
Jedidiah-Rose
Jedidiah-Rose (on 17 December 2012)

The problem with Comet was the prices, always the prices, I went to their sale a few times o ver the last month, and the sale was just shocking in terms of it's prices. The only way businesses will survive is if they start selling off stock like Tesco and Wal Mart, which means low prices, but Comet couldn't do that cause they catered only to one distinct market and obviously the elctronics firms weren't going to let them sell their tv's any cheaper than the lousy 10% they were giving. Such a shame to see another company go.

  • 0
RedInker
RedInker (on 17 December 2012)

Another nail in the coffin of the high street. Feel sorry for the people who lost their jobs.

  • 0
kowenicki
kowenicki (on 17 December 2012)

Well Comet isn't really on the High St though, Its usually found in out of town centre retail parks. Currys/PCWorld killed Comet. More choice at a better price.

  • 0