Comet collapse may cost taxpayer £50m
When Comet went under, job losses aside, no-one really gave a fig. However, you might be interested in it now because administrators have failed to raise enough money from the sale of the chain's assets to pay off the redundancy bill.
Reports state that Deloitte is set to admit in a report that there haven't been enough funds raised to pay off the £24m redundancy bill for Comet staff. This means that the government will have to step in to honour payments, all of which means that the whole kerfuffle could end up costing the taxpayer somewhere in the region of £50m.
It also looks like unsecured creditors (like HMRC) and Comet giftcard holders aren't going to be getting any pennies back.
Comet are now desperately hoping that the last of their stores can be sold (possibly to TK Maxx, which of course, we're in desperate need of more of).
TOPICS: High Street News