Comet crashes as administrators wait in the wings, according to reports

High Street retailer Comet could be on the brink of calling in administrators, according to reports circulating in the Financial Times and Retail Week.

They suggest that Deloitte is already being lined up to perform the role with the chain's owners close to throwing in the towel.

The electrical group was bought by private equity firm OpCapita last year for the nominal sum of just £2, but has continued to haemorrhage cash amidst weak consumer spending.

OpCapita, with the former chief executive of Dixons Retail at the helm, had hoped to turn the retailers flagging fortunes around but analysts suspect it has been suffering operational losses of around £35m.

Comet currently owns 240 stores across the country employing around 6,000 people.

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John Glenday

John Glenday is responsible for compiling The Drum's daily morning bulletin and ensuring that overnight breaking news is covered while you're still brushing your teeth. Can also make a mean cup of tea.

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