Deathwatch: Comet edging closer to the brink?
It’s not looking good for Comet – the beleaguered electrical chain has just announced another 450 job cuts just a few days after it was bought for a nominal TWO POUNDS by private equity firm OpCapita.
It looks as though the new owners are going to cut away as much fat as possible in an attempt to keep Comet going, and they job losses show that they’re cutting back their in-house repairs operation for starters, focusing “single-mindedly” on the stores themselves.
But things could get worse before they get better. It’s being reported that Samsung are yet to agree a new supply deal with Comet, which won’t reflect well on the chain if negotiations break down. Similarly, it could be another month before Comet secures credit insurance, which will make suppliers twitchy when it comes to dealing with them.
Perhaps the £2.00 spent by OpCapita was a last-ditch punt and we could shortly see another major name disappear from the UK retail landscape…