Comet retail chain faces administration: 6,000 potentially at risk

By Dave Cook, Thursday, 1 November 2012 10:03 GMT

Comet, the UK electronics chain and game retailer is facing administration later today, according to multiple sources. The brand is owned by OpCapita, the same group that recently bailed out GAME.

MCV reports that across the 240 stores at risk, 6,000 jobs are likely to be put into question when Comet goes into administration later today. The site expects OpCapita to post Comet losses for the current financial year at £35 million.

The potential losses would follow some 3,000 Comet jobs already cut by OpCapita since it famously acquired the brand for just £2 back in 2011.

MCV also reiterates statements made by its sources in the run up to OpCapita’s acquisition of GAME in April, stating, “We are not asset strippers, we’ve never stripped anything. We’re about investing and improving. It’s a point of difference and we’re proud of it. We focus on running businesses. That’s what we’re about.”

The quote contrasts Comet’s potential administration and job cuts. We’ll know more later today should the administration come to pass. Stay tuned.

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