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19 NOVEMBER 2012

High Street electricals retailer closes 41 stores

"The insolvent electrical chain Comet will close 41 stores by the end of November unless a buyer can be found. ...

Comet's demise was one of the biggest High Street casualties of recent years.

The electricals chain had been hit hard by the drop in consumer spending in the UK since 2008, which has been particularly acute in the case of the big items that Comet sells.

Many of Comet's customers are first–time home–buyers, according to Deloitte, meaning that business has been hurt by the much tighter conditions in the UK mortgage market."

(BBC News, 17 November 2012)

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TAGS

2012 • appointed administrators • bricks and mortarbusiness into administration • Christmas period • closing down sale • closureComet • continue trading • DeloitteDixonseconomic recessionhigh streethigh street retailerhigh street shopsinsolvencyjob lossesphysical retailphysical store • pushed to the brink • redundancyretailershop • store closure • store closuressuspended tradingtradingUKuncertain future

CONTRIBUTOR

Simon Perkins
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