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UK retailer Comet set to close another 125 stores
November 28, 2012 / 10:53 AM / 5 years ago

UK retailer Comet set to close another 125 stores

LONDON (Reuters) - British electrical retailer Comet will close a further 125 stores if they do not get a firm offer for the business, the administrators running the group said on Wednesday.

People walk out of a Comet store in Guildford, southern England November 17, 2012. REUTERS/Luke MacGregor

Administrator Deloitte said the closures would occur over several weeks starting from next month, leaving just 70 of an original 236 stores remaining. Those left will stay open until all stock is sold.

Deloitte, which said Comet’s support operations would also be further reduced, confirmed it remained in discussions with a small number of unnamed parties interested in the retailer.

Comet, which entered administration, a form of protection from creditors, earlier this month, is the latest British retailer brought low by a consumer downturn, joining a roll-call of stores falling into administration this year including JJB Sports, Clinton Cards, Game Group, Peacocks and Aquascutum.

The store, which has an estimated 6 percent UK market share, was acquired by private investment firm OpCapita for a nominal 2 pounds in February from Darty, then known as Kesa Electricals.

Reporting by Neil Maidment; editing by Kate Holton

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