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Comet in Administration - update on gift cards

6 November 2012

Neville Kahn, Joint Administrator and restructuring services partner at Deloitte, said: “Following our appointment as Administrators to Comet at 4:30pm on Friday afternoon, it was necessary to temporarily suspend the acceptance of gift cards as a means for payment in order to allow the Joint Administrators time to assess the financial position of the company and collate information about the quantity, value and nature of gift cards in circulation.

“Having now had the opportunity to do so, we are very pleased to inform Comet customers that the Company will be able to accept gift cards which have been purchased and paid for in full by members of the public.  We are also pleased to announce that the Company will be able to accept and honour gift cards issued on behalf of the charity Family Fund.  

“At this stage, it is necessary to maintain the temporary suspension on gift cards which have been issued to people on behalf of a corporate customer, for example by insurers, pending clarification from the relevant providers as to whether Comet has received payment in full for these cards.

“We recognise that the temporary suspension of gift cards has caused concern and anxiety to those customers affected.  In the short time available since our appointment the Administrators have worked urgently to bring clarity to this matter, while at the same time stabilising the business and seeking a buyer.  We are very grateful to customers for their patience in allowing us time to properly assess the situation.”

The Administrators also intend to fulfil customer orders where the item is currently in stock in the delivery centres.  If stock isn’t available, and customers do not receive their order, those that have paid by credit card may be eligible for a refund from their credit card provider.  Customers with enquiries about outstanding orders should contact the customer helpline on 0844 800 9595.

Neville Kahn, Nick Edwards and Chris Farrington of Deloitte, the business advisory firm, were appointed Joint Administrators to Comet, the electrical retailer, on Friday 2 November.

 

Ends

Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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