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Currys owner Dixons says it will benefit from Comet demise

The owner of Currys and PC World, Dixons Retail, said it will benefit from the demise of High Street chain Comet, reports the Guardian.

Dixons said the sales of Comet's assets would benefit Currys and PC World, which made a profit in the UK for first time in five years.

"While there may be some disruption while Comet completes the fire-sale of its stock in the short term, Currys and PC World will benefit from the consolidation," said the firm.

Although the electrical retailer revealed that its stores have enjoyed better than expected sales in the UK this year due to "sporting and cultural events", the company has still struggled to make a healthy profit across Europe. It announced a £79.5 million pre-tax loss in the six months to October, compared with a measly £2.4 million profit a year earlier.

Meanwhile, Comet, which went into administration earlier this month, claims to have stepped up its sale by offering some products at half price. The crumbling chain has repeatedly come under fire in recent weeks for offering meagre discounts, even though auditors Deloitte announced that 125 of its 236 stores would be shut down unless a buyer was found soon.

The closure is likely to leave nearly 5,000 staff unemployed by Christmas, although, Dixons has said it would try to rescue Comet staff that are left without a job.