London jobs affected by expected Comet collapse

09:27 01 November 2012

Comet

Comet's collapse would threaten thousands of jobs. File picture: Andrew Milligan/PA Wire

Electricals chain Comet is expected to confirm it is on the brink of administration today in a move which will threaten thousands of jobs in London.

It was bought for a nominal £2 by investment firm OpCapita earlier this year but has been unable to secure the trade credit insurance needed to safeguard suppliers.

Restructuring specialist Deloitte has reportedly been lined up for the administration and will begin by attempting to secure buyers for the company’s 240 stores.

The move raises the prospect of a pre-Christmas rush for discounted stock as the administrator looks to wind down supplies and raise cash for creditors.

The high street electricals market in the UK has come under huge pressure as cash-strapped shoppers put off purchases of big-ticket items such as TVs and large appliances and online rivals take a bigger slice of the sector.

America’s Best Buy recently pulled the plug on 11 giant electricals stores after failing to make inroads into the UK market.

Latest Stories from SNAP.PA

The Manchester City and England goalkeeper is not having a great day.

Read more

Whoever’s running Chelsea’s twitter account is having fun tonight.

Read more

You can look at cute pictures of hedgehogs and help out at the same time.

Read more

Promoted content

Gamucci is a global leader and premier brand of electronic cigarettes

Gamucci has an electronic cigarette tailored for every need. We have a range of both disposable and rechargeable electronic cigarettes suitable for all adult smokers. And for a limited time, some great discounts.

Money saving Christmas gifts to add to your shopping list!

It’s nearly time to go on the hunt for Christmas presents, stuck on what to get for your nearest and dearest? We’ve picked out a selection of great deals to get you started and to help you save some pennies!

PM speaks out after Lee Rigby report is made public calling one internet firm a ‘safe haven’.

Social network named in media reports as the platform used by extremists and criticised in government report.

The security services were not in a position to stop the attack on Lee Rigby, but an internet firm might have been able to help foil the plot.

The 21-year-old has found himself in a spot of trouble.

TOP Stories

The scorched remains of family business Archway Sheet Metals. Picture: London Fire Brigade (@LondonFire)/Twitter

Police this evening confirmed they are treating as “suspicious” the fire that gutted the only factory left preventing Tottenham Hotspur from starting work on its new stadium.

Dr Lam Hoe Yeoh pleaded guilty to the charges at Croydon Crown Court [Photograph by Philip Toscano/PA Wire]

Dr Lam Hoe Yeoh, also known as Robin, today pleaded guilty to a string of voyeurism, indecency and pornography offences.

11:51
The Railway Hotel in Hornchurch

A mum died after eating contaminated turkey in a pub Christmas dinner, which also made 33 diners violently ill, a court has found.

London Bloggers

Friday, November 14, 2014
Bird says back up your data

What happened after a friend of mine lost basically everything he’d created in the last 5 years:

Thursday, October 30, 2014
The Appilepsy team: Phil Efstathiou, Alex Telek , Clarence Ji, Miklos Molnar, Joran van Apeldoorn

In Tech City, things move fast. And sometimes erratically. Like phones in the pockets of people having epileptic seizures.

Friday, October 24, 2014
The 91-year-old gave the cyclist a wallop

After Baroness Sharples bragged about walloping a cyclist, London24’s cycling blogger AViewOfLondon has this to say...