Comet set to go into administration

editorial image

ELECTRICAL chain Comet has announced it is to go into administration next week with more than 6,000 jobs at risk.

It is not known how the Banbury store in Lockheed Close will be affected, but a statement from the company said: “Comet Group Limited can confirm that it has taken steps to seek the protection of the Court with a view to the Company entering into Administration during week commencing 5th November 2012.

“In the meantime, the Board is urgently working with its advisers to seek a solution to secure a viable future for the Company.”

John Hannett, general secretary of the shopworkers’ union Usdaw, added:“This is disastrous news for Comet’s 6,500 employees and more grim news for the UK High Street and economy. We urge any administrators appointed to keep stores trading for as long as possible to enable a buyer or buyers to be found.

“While every failure in the retail sector has its own specific causes, there can be no doubt that the continuing squeeze on people’s incomes caused by the government’s reckless austerity policies lies behind much of the sectors’ current difficulties. Usdaw members employed by Comet should contact their local union office as soon as possible.”