UK electrical chain Comet goes into administration
LONDON (AP) — Struggling British electrical goods retailer Comet says it is seeking bankruptcy protection, putting 6,500 jobs at the chain at risk.
Comet, which has 240 stores across Britain, announced Thursday that it would go into administration, a form of bankruptcy protection, next week.
Restructuring specialist Deloitte will be brought in to handle the administration and will try to find buyers for Comet's stores.
Founded in 1933, Comet has been hit hard by Britain's recession and the rise of online retailing.
The chain was bought earlier this year by investment firm OpCapita for a token 2 pounds ($3.20), but has been unable to secure the trade credit insurance needed to safeguard suppliers.