UK Retailer Comet to Close 40 Stores this Month

UK retailer Comet has announced that it will close 40 stores this month. The company went into administration earlier this month and last week kicked off a fire sale to get clear out stock. This week, the company revealed plans to shutter stores and cut hundreds of jobs. According to the Telegraph, administrator Deloitte is cutting over 600 jobs by effectively closing the brand's home delivery network to new orders. 

In addition to the dramatic downsizing of Comet's home delivery network, there will also be 41 store closures, which will put a total of 869 staff out of work. A further 132 people will lose their jobs thanks to cuts in Comet offices Hertfordshire and Hull, as well as the call center in Clevedon.

"Discussions continue to take place with parties who have expressed interest in parts of the business. However, it is unfortunately necessary to begin a store closure programme and to scale back the company’s support functions," the Telegraph cites joint administrator Chris Farrington as saying. Farrington added that they're working hard to offer support to those that are being made redundant.

Comet went into administration earlier this month but made headlines this time last year when it was sold to an investment firm for the princely sum of £2 by parent company Kesa Electricals.

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