Rescue deal sought after Comet stores hit problems

Rescue deal sought after Comet stores hit problems

Rescue deal sought after Comet stores hit problems

First published in Local news

Moves are being made to find a buyer for Comet after the firm was put into administration.

The company, which has 236 stores across the UK – including one at Guiseley – and more than 6,600 staff, is continuing to trade as attempts are made to secure a rescue package.

Administrators from business advisory firm Deloitte were appointed to the electrical retailer on Friday.

Neville Kahn, joint administrator and restruc-turing services partner at Deloitte, said: “Comet has been battling the changing landscape of the electrical retail sector for many years.

“It has become increas-ingly difficult for it to compete with online retailers, which don’t face the same overheads such as store rents and business rates.

“Our immediate priorities are to stabilise the business, fully assess its financial position and begin an urgent process to seek a suitable buyer, which would also preserve jobs.

“In the meantime, all stores will continue to trade and all employees will continue to be paid. We appreciate the co-operation and support from the management, staff, customers, landlords and suppliers at what is clearly a very difficult time.”

Customers are being told that extended warranties previously purchased are unaffected by the admin-istration and remain valid.

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