Electricals business Comet is sold for just £2
Struggling elecrtricals chain Comet was today sold for just £2 after its owner called time on the loss-making business.
Comet has stores in Telford, Shrewsbury and Wrexham. It operates 248 stores and has about 10,000 staff in the UK.
The company will be taken over by retail turnaround firm OpCapita in a deal which will see its owner Kesa Electricals pump £50 million into the business and take on the firm’s pension scheme.
It is the latest casualty of the consumer spending slump after rival Best Buy announced plans to close its 11 stores in the UK, putting 1,100 jobs at risk.
Kesa, which has been reviewing options for Comet since June, said the UK chain was expected to make a loss of £22.3 million in the six months to October 31, after like-for-like sales fell 18.6 per cent over the period.
Struggling elecrtricals chain Comet was today sold for just £2 after its owner called time on the loss-making business.
Comet has stores in Telford, Shrewsbury and Wrexham. It operates 248 stores and has about 10,000 staff in the UK.
The company will be taken over by retail turnaround firm OpCapita in a deal which will see its owner Kesa Electricals pump £50 million into the business and take on the firm’s pension scheme.
It is the latest casualty of the consumer spending slump after rival Best Buy announced plans to close its 11 stores in the UK, putting 1,100 jobs at risk.
Kesa, which has been reviewing options for Comet since June, said the UK chain was expected to make a loss of £22.3 million in the six months to October 31, after like-for-like sales fell 18.6 per cent over the period.