HIGH STREET stalwart Comet is preparing to bring in administrators, as increasingly tough conditions for its consumers and suppliers have made trading almost impossible.
Electricals retailer Comet, which was bought by private investment firm OpCapita for just £2 earlier this year, has recently struggled to secure the credit insurance needed to buy supplies.
The pre-Christmas rush for stock has put a squeeze on Comet’s finances, and the firm is understood to have lined up Deloitte ahead of filing for administration as early as today.
OpCapita has in recent weeks been in talks to sell Comet, which it purchased from Kesa Electricals in February.
While the new owner had been pleased with the firm’s turnaround, with ambitions to break even this year under new chairman John Clare, the difficulty in getting credit insurance looks set to be the final straw.
Comet is close to joining Game Group, Clinton Cards and JJB Sports in the growing group of high street names to fall into administration this year.