Tue, 18 Dec 2012 | ADMINISTRATION
The remaining Comet stores have closed down in the latest stage of the administration process.
A total of 200 stores have already been closed by the administrators Deloitte, with the final 45 due to shut today (Tuesday, 18 December). Around 6,900 jobs have been lost as a result.
However, the administration process has not been able to generate enough money to pay back all of the unsecured creditors, leaving landlords, customers, suppliers and the taxman facing collective losses of around £232 million.
The firm's priority creditors – private equity group OpCapita and its co-investors – are set to collect around £50 million of the £145 million they are owed.
There has, however, been a healthy level of interest from potential buyers for Comet. Deloitte said that 118 parties initially expressed an interest in buying either parts or all of the business. Four concrete offers were made but either stumbled at the due diligence process due to working capital requirements or fell short of expectations.
It is thought that the restructuring group is still in discussions with a “small number of parties” about the sale of the business name. Appliances Direct, the online retailer, is the forerunner in this.
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