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

Raising money and awareness for charity is one thing. But remember, a moustachioed gentleman should never look daft…

Read more

Celebrate Movember with 30 famous Moes – one for each day of the moustachioed month!

Read more

Promotions

BT Home Smart Cam

When I was first told by my boss that I would be doing a review on the BT Smart Cam 100 I didn’t quite know what to expect. Before even looking at the product I was picturing it as nothing more than a web cam with a fancy name.

AGA Living Subscription

Every issue of AGA Living magazine is packed full of celebrity AGA owner interviews, interior and design features, ideas to inspire your culinary imagination, mouth-watering recipes and inspirational shopping ideas.

“Space is hard and today was a tough day.”

One pilot is dead and another seriously injured after the craft exploded over the Mojave desert.

One pilot has died and another is seriously injured after a rocket belonging to billionaire Sir Richard Branson’s space tourism venture crashed during a test flight. Virgin Galactic’s SpaceShipTwo rocket came down in the Mojave Desert in California. An eyewitness reported that the craft exploded in flight after ignition. A Virgin Galactic spokesman said the […]

TOP Stories

Yesterday, 17:02
Police attend the scene where a teenager was stabbed to death, outside a convenience store in Pilgrimage Street [Photograph by Alex Diaz/PA Wire

A teenager has been stabbed to death on Pilgrimage Street near Tabard Gardens this afternoon.

Yesterday, 15:27
Police are looking for these two men after a sex worker was attacked with noxious gas in Soho (Picture: Metropolitan Police)

Police have released images of two men they want to speak to after a sex worker and her friend were ‘sprayed with a noxious gas’ and then robbed at an address in Soho.

Yesterday, 12:54
The man was fatally stabbed at Middlesex University in north London (Picture: Google Streetview)

A murder investigation has been launched after a man was fatally stabbed at Middlesex University campus in the early hours of this morning.

London Bloggers

Thu, 10:07
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...

Wednesday, September 17, 2014
The cast, including Josie Lawrence and Mike Myers

Simon Collins catches up with the improv impresarios, who despite being the world’s longest-running comedy show with the same cast, have lost none of the razor-sharp wit: