The end comes for Comet as all stores prepare to close doors tomorrow

Ben Parfitt
The end comes for Comet as all stores prepare to close doors tomorrow

Administrator Deloitte has confirmed that all remaining Comet stores will close their doors tomorrow (December 18th).

Many closed for good over the weekend. The move will result in the loss of some 6,600 jobs just days before Christmas. £2.1m in holiday and back pay will be paid to employees.

It remains possible that a buyer will be found for the Comet website while Dixons may move to buy a handful of stores, having already hired 1,000 former Comet workers for temporary Christmas positions.

The disaster comes less than a year after GAME’s saviours OpCapita acquired the company for £2. It was even paid a £50m dowry by former owner Darty.

What makes it worse for many onlookers is that Hailey Acquisitions Limited, the OpCapita backed investment vehicle that fronted the acquisition (and the equivalent of Baker Acquisitions in OpCapita’s GAME deal), is likely to recover £50m of the estimated £145m it is owed, while unsecured creditors receive next to nothing.

HM Revenue & Customs is likely to take a £26m hit. In total around £200m is thought to be owed to creditors.

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Tags: Retail , comet , closed , end , debt , closing , opcapita

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