Comet administration will start next week

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DOZENS of jobs in the Portsmouth area were under threat today as electronic retailer Comet was poised to enter administration.

The firm has outlets in Portsmouth and Fareham, part of its national chain of stores which employ 6,000 people.

Private equity firm OpCapita, which owns the 240-store business, has lined up restructuring specialist Deloitte to act as administrator from next week.

OpCapita bought Comet last year for just £2, but the business has struggled from the downturn in consumer spending.

Comet’s demise is one of the biggest high street casualties of recent years.

Two weeks ago, OpCapita, said it was examining a number of potential bids for the retailer.

The administrator will run the business as a going concern while it assesses options for sales, closures and liquidation.

Comet said it was working on plans to secure the company’s future.

Customers with outstanding orders are being told that the group intends to fulfil its deliveries. Comet’s customer care team can be reached on 0844 8009595.