Retail jobs at risk as Comet confirms it will go into administration (From York Press)

Retail jobs at risk as Comet confirms it will go into administration

1:56pm Thursday 1st November 2012 in News By Julie Hayes, Business editor

ELECTRICAL retailer Comet, which has a store at Clifton Moor York, has confirmed that it will go into administration next week.

The retailer, which employs 6,500 people across 240 stores, is one of the UK's biggest retail failures in recent years.

Staff were informed of plans this morning and restructuring specialist Deloitte has been lined up to handle the administration.

Comet said it was "urgently working" on plans to secure the company's future and it is expected that administrators will seek a buyer for the business.

Customers with outstanding orders and those with gift cards and vouchers are being told it is "business as usual until further notice" and that the group intends to fulfil deliveries of products that have been paid for.

The administration raises the prospect of a pre-Christmas rush for discounted stock, with the administrator expected to wind down supplies and raise cash for creditors.

A Deloitte spokesperson said: “We can confirm that Comet has filed an intention to appoint Deloitte as administrators during the week commencing 5 November. Deloitte will not be commenting further prior to any such appointment taking place.”