(UPDATE) UK – Comet – 6,000 layoffs ?

Comet cuts further 735 jobs

The insolvent electrical chain Comet is cutting hundreds more jobs, its administrators have said.

Deloitte said there would be a further 735 redundancies at its head office, central functions and across its home delivery network.

This is in addition to 330 redundancies already announced. The business had employed 6,611 people.

Closing down sales have already begun in 27 stores, with a further 14 of its 236 stores earmarked for closure.

The home delivery network, which operates from 12 hubs across the UK, has shed 603 employees.

It will continue to function, albeit with a smaller workforce.

On top of that, the administrators have had to make a further 132 employees redundant from Comet’s head office and support functions around the country.

The employees affected have been informed by the company…

Choosen excerpts by Job Market Monitor from

via BBC News – Comet cuts further 735 jobs.

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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…

Choosen excerpts by JMM from

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

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