Comet to close 41 stores by end of the month

Deloitte, the administrator of troubled electronics vendor Comet, has confirmed that 41 of the retailer's 236 stores will be closed by the end of the month. This will place 1,000 jobs under threat as the administrator says that redundancies will be "inevitable", though it will try to transfer personnel from affected outlets to still operating stores.

"We are very grateful to the company's employees for their professionalism, loyalty and support at this difficult time and all employees will of course continue to be paid for all the work they do while the company is in administration," said joint administrator, Chris Farringdon.

The administrator has already cut 330 jobs, primarily from Comet's Rickmansworth headquarters and administrative staff.

The concerned stores have already begun holding 'closing down sales' over the weekend. Saturday saw 27 stores scattered across the country take part and a further 14 stores are expected to join them early this week.

Deloitte has promised that "more generous discounts" will now be applied across the remaining 195 stores. Prior to this announcement, Comet's ongoing liquidation sale saw discounts of only 10-20 per cent, with some items even being priced more expensively than they were prior to the company entering administration.

These aggressive scale back measures are not to be viewed as an admittance of defeat on Deloitte's part, as it is still actively looking for new investors for the bereft retailer.

"The administrators continue to hold discussions with parties who have expressed interest in parts of the business," read a Deloitte statement