Feeds

Comet confesses: The receivers are among us even now

Dixons shareholders skip and clap their hands for joy

High performance access to file storage

Comet has finally confirmed that administrative receivers will be landing on its door step early next week.

It is understood that Deloitte will review the options for the ailing retailer which include selling it as a going concern, scaling it back or liquidating it. A spinner at the chain told The Channel: "Comet Group Limited can confirm that it has today taken steps to seek the protection of the court with a view to the company entering into administration."

She said this would happen in the week commencing 5 November, but did not specify an exact date.

"In the meantime the board is urgently working with its advisers to seek a solution to secure a viable future for the company," the spokeswoman added.

Comet, which employs 7,000 staff across 240 stores, was flogged to venture capitalist OpCapita for £2 last November.

The equity player brought in ex-Dixons boss John Clare in January to rescue the biz, but the loss of trade credit insurance - a safety net for suppliers - meant he was facing an uphill battle.

It is understood that as potential buyers circled Comet last month, suppliers became even more wary of dealing with the retailer - and at a time when the biz was struggling to find the cash to pay for kit upfront to stock shelves for Christmas.

Comet and other retailers have suffered at the hands of web boutiques offering cheap deals, and vendors such as Apple building shimmering white stores that offer shoppers a 21st century shopping experience. Comet has been trading since 1933, which was when it was founded by George Hollingbery in Hull as Comet Battery Stores.

With potentially one less competitor in town, Dixons Retail's share price rallied 12.5 per cent this afternoon. ®

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.