UK – Comet – 6,000 layoffs ?

More than 6,000 jobs are at risk as the troubled high-street electricals chain Comet teeters on the edge of administration.

Comet, the UK’s second largest electrical specialist after Dixons, has struggled to make headway as supermarkets and online retailers such as Amazon targeted the cut-throatmarket, and could go into administration as soon as Thursday. It is estimated to have made a loss of £35m in the year to 30 April. In a sign of the toughness of the market US giant Best Buy pulled out of the UK last year after struggling to gain a foothold.

Industry sources said Comet faced a cash crunch after trade insurers cut credit lines to suppliers, forcing them to ask for payment for goods upfront. Deloitte is understood to be waiting in the wings to handle the administration of the 240 stores, although they are expected to remain open for business in the meantime…

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via Comet: more than 6,000 jobs at risk | Business | The Guardian.

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