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Comet UK: Retailer eyes administration, jobs in jeopardy

It wouldn’t be the first time we’ve heard about Comet UK looking at administration, although the electronics retailer is now eyeing new problems right before Christmas 2012 that could mean thousands of jobs at Comet are in jeopardy. The UK retailer has over 240 stores and created over 6,000 jobs, but all of this is at risk if reports are correct about the company being close to administration.

We’ve included a video below this article that only runs for just over one minute, but it explains exactly what Comet’s problem is, which is basically due to the suppliers and the fact that Comet UK has been struggling to get supplier insurance. The news report seen in the video below explains this insurance issue could be the tipping point, which could also mean administration as soon as this week.

The amount of UK companies going bankrupt or into administration has been increasing, and this year we’ve seen the demise of Peacocks, Game Group, Clinton Cards, JJB Sports, and many more although some of these retailers have managed to keep their brands running to some extent.

We’ve also heard about PC World, Curry’s, and Dixons running into problems over the last couple of years, which would have obviously helped Comet UK if they’d failed although this hasn’t happened. Some of PR’s readers have pointed out that smaller shops seem to have a lot more product knowledge, which we can personally agree on considering the amount of times we’ve visited a large retail store and found some young staff, not all, lacking the information needed.

Do you want Comet UK to find a way to avoid administration, or do you mostly shop online instead? Take a look at the video below for a little more insight.

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