Hopes that Comet will emerge from its administration appear to be fading after the biggest store closure plan so far was revealed by Deloitte.
Comet is to close an additional 125 stores over the next several weeks”, leaving just 70 stores trading in an effort to sell off remaining stock.
There are in addition to the 41 stores that have already closed their doors and 1,000 jobs lost.
And unless there's a change in fortune, it's looking likely that all stores will have ceased trading by the end of the year leaving all of Comet's remaining 5,000 staff jobless.
We remain in discussions with a small number of interested parties and hope that a positive outcome can still be achieved,” joint administrator Chris Farrington stated.
"Should any acceptable offers be received for stores we will delay the closure process. Unfortunately, in the absence of a firm offer for the whole of the business, it has become necessary to begin making plans in case a sale is not concluded.
"If a sale is not possible we would envisage stores to begin closing in December. We remain extremely grateful to the company's employees for their commitment and support during a period of concern and anxiety for them.
"All employees will be paid for the work they do while the company is in administration and I can confirm that any accrued holiday pay, overtime and bonus earned during the administration trading period, together with the pre-administration bonus that was owed to employees at the time of our appointment, will be paid to employees as previously stated.”
Dixons retail and TK Maxx are rumoured to be lining up the acquisition of some outlets, but a buyer for Comet as a going concern is looking increasingly unlikely.