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Showing posts with the label Comet Stores

Comet collapse: a "nice little earner" for OpCapita.

Unsecured creditors to Comet, primarily landlords, stand to lose more than £200m from the collapse of the electricals chain.   Henry Jackson . OpCapita Comet stores closing down An additional 6,600 people today join the statistics of those unemployed in this country following the closure of the final 49 of the original 236 Comet electrical stores. The collapse of Comet is one of the biggest failures in high street outlets since Woolworths closed in 2008. Comet was placed in administration by owners OpCapita earlier this year and  Deloitte, was appointed as administrator to Comet in early November. OpCapita purchased Comet  in 2011, just 9 months ago,  for a price of £2. and at the same time received a £50 million "dowry" as part of the deal. Following the collapse of Comet, the government will be faced with a bill of £50 million to cover redundancy payments for 6,800 staff and unpaid VAT.  OpCapita, as one of the top "...