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Update on Comet (in Administration)

18 December 2012

In the absence of an acceptable offer for the whole of the business, the Joint Administrators of Comet can confirm that the remaining 35 stores will close today.  A small team will be retained to support the wind-down of the Company.

Chris Farrington, Joint Administrator, commented: “Despite significant efforts to find a buyer for all or parts of the business as a going concern, the Administrators did not receive an acceptable offer and so unfortunately it has become necessary to close the remaining stores.  Although we had discussions with a number of interested parties, the substantial working capital requirements to fund the business was a significant concern for these parties and was a key factor in preventing a deal being reached.  We will now consider the options with regards other assets of the Company, including the brand and website.

“We wish to express our gratitude for the professionalism and dedication of all employees across the store network, head office and other support functions during what has clearly been a difficult period for them.  We have put in place a series of support measures to help redundant workers find new employment, including establishing contact with more than 35 prospective employers and setting up a LinkedIn network through which many of these companies are advertising positions.

“We will also be organising employment fairs around the country in the New Year.  A website – www.cometjobs.co.uk – will also go live shortly with details of current vacancies at prospective employers, upcoming employment fairs and advice on CV writing and interview techniques.”

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:
The Joint Administrators ‘Statement of Proposals’ can be downloaded from www.deloitte.com/uk/comet.

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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