Deathwatch: Administration for Comet?
Comet has been bumping along for a few years now but when the company was bought up by private investment firm OpCapita for £2 less than a year ago and it looked as things might pick up.
The FT is reporting that Comet has fallen foul of a ‘cash crunch’ as the festive season approaches, partly due to supplier terms becoming tougher as the company was operating without the safety net of credit insurance.
If indeed Comet does go into administration (with Deloitte tipped to get the job), it remains to be seen if some or all of the business will be snapped up by another retailer. Maybe Best Buy will come back for another go. Maybe John Browett will buy them with his pay-off from Apple. MAYBE BITTERWALLET WILL BRANCH OUT INTO ELECTRICAL RETAILING. EH? EH???