Monday, February 17, 2020

Comet to close 41 stores amid 735 job losses


Administrators of failed electricals retailer Comet have announced that 41 stores will close by the end of the month and that 735 redundancies will be made.

Cutting jobs across its head office, central functions and home delivery network, administrators at Deloitte said that they continue to search for a buyer for all or part of the business.

Operating from 12 hubs across the UK, the home delivery network will make 603 redundancies, while a further 132 head office and support function jobs will be lost.

As of last Saturday, a closing down sale began in 27 stores with a further 14 set to offer increased discounts from this week while the remaining 195 Comet stores which continue to trade as usual will also offer price reductions.

Deloitte was appointed administrator at the start of the month when the retailer collapsed following difficult trading as Comet became the latest high street casualty this year.

Chris Farrington, Joint Administrator, said that discussions with interested parties continue, though confirmed: “It is unfortunately necessary to begin a store closure programme and to scale back the company‘s support functions.

“While we will continue to do all we can to preserve jobs, we are working hard to put in place comprehensive support to help those employees who are made redundant during the Administration.”

In recent months, sports retailer JJB Sports has announced its administration, while department store Allders closed its doors after 150 of trading and greeting cards specialists Clintons Cards also closed.

Shop vacancy rates are at their highest for more than a year, according to figures revealed today as the struggling high street continues to face challenges.

Farrington said: “We are very grateful to the company‘s employees for their professionalism, loyalty and support at this difficult time and all employees will of course continue to be paid for all the work they do while the company is in administration.”