The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Information And Communication Equipment In Specialised Stores 47.43 - Retail sale of audio and video equipment in specialised stores
6,900 jobs Number of planned job losses
Announcement Date
1 November 2012
Employment effect (start)
30 November 2012
Foreseen end date
18 December 2012
Description
Electrical goods retailer Comet has gone into administration with the loss of up to 6611 jobs if no buyer is found until the end of November. The company has already announced 330 job losses at the head office on 9th November 2012.
Closing down sales have begun in a number of stores.
UPDATE, 17/11/12: A further 735 job losses announced on November 17th as shop closures proceed.
UPDATE, 7/12/12: Running total of job losses reported at 2600 by Guardian
UPDATE, 18/12/12: All remaining Comet stores were closed on 18th December bringing the total number of jobs lost to 6900. The business secretary, Vince Cable, has ordered an inquiry into the collapse of the retailer, which closed owing £26.2m in unpaid VAT and payroll taxes as well as £23.2m in redundancy pay, which now the government will provide to staff.
Sources
18 December 2012: The Guardian
17 November 2012: BBC Website
16 November 2012: Financial Times
7 December 2012: Guardian
Citation
Eurofound (2012), Comet, Bankruptcy in United Kingdom, factsheet number 74512, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74512.
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