Comet 'Faces Threat Of Administration'

Six thousand jobs are under threat amid fears of another high profile casualty among UK retailers.

Comet, the electricals chain, is on the verge of calling in administrators after struggling to stock up for Christmas.

It has reportedly been trading without credit insurance, which protects its suppliers should the business fail.

The potential collapse raises the prospect of a pre-Christmas rush for discounted stock such as TVs and PCs if an administrator chooses to wind down supplies and raise cash for creditors.

Comet is owned by OpCapita, which bought it for just £2 less than a year ago from Kesa Electricals as it struggled to compete against strong supermarket and online competition.

This has also accounted for the troubles experienced by the likes of Clinton Cards and Game.

Sky News reported last month how OpCapita had received a number of unsolicited approaches for Comet and was exploring the option of a sale as a result.

News of the chain's cash problems come only weeks after JJB Sports called in administrators, resulting in 2,000 job losses.

The Financial Times (FT) reported OpCapita was likely to face controversy as it had received a £50m cash dowry from Kesa, now known as Darty, to take it over.

Darty also retained Comet's pension liabilities.

OpCapita also negotiated a £130m dowry before it bought furniture chain MFI in 2006 which later collapsed.

According to the Local Data Company and PwC an average of 32 stores a day closed in July and August, underlining the challenges facing the high street.

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