Comet to go into administration next week

Not looking good

Comet may crash out of the high street as administration threat looms

Electrical retailer Comet will go into administration next week, it has confirmed.

The company could close some or all 240 of its high street shops, with more than 6000 jobs now at risk.

It's not the first time the future of the brand has been called into question; it was sold to new management less than a year ago with its new owner, OpCapita, paying just £2 for the firm.

But with experts estimating that Comet's losses since April mount up to £35 million, it doesn't seem to have panned out too well.

Hard times

The British tech retail market is struggling during these cash-strapped times; US brand Best Buy had a stab at making it work but pulled out of the UK in under a year.

OpCatpita also bought gamers' paradise Game during a turbulent year. The brand went into administration in March; however it is still trading after folding its Gamestation operations up and making hundreds of staff redundant.

Comet is expected to keep trading for the time being and there's a chance that OpCapita will sell it on to another company - but its future is far from certain.

From Guardian