Comet Closes For Good 18/12/12

Editor - 17th December 2012

Posted on Categories Off The PressTags , , , , , , ,

The final remaining Comet stores will close their doors on the 18/12/12, Deloitte have confirmed.

Administrators Deloitte have confirmed that the last 50 Comet stores will close for the final time on this date.

The remaining 50 stores are in the process of closure, bringing the total number of redundancies made by the chain up to 6000.

Administrators Deloitte, who are still struggling to find a buyer for the chain, are expected to report that Comet accumulated millions more in debt in the months leading to its closure, on top of huge financial losses for the previous operating year.

It is thought that unsecured creditors such as HM Revenue and Customs will receive nothing, secured creditors, including Comet’s backers, Hailey Acquisitions Limited (HAL), will get under £50 million out of their owed amount of £145 million. The government will have to step in to ensure that this payment takes place, along with the £24 million owed in redundancy payments that Comet failed to recoup in its closing down sales.

 

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