200 Hull jobs at risk as Comet to go into administration next week
Comet will be placed in administration next week, the company has confirmed.
The 240-store electrical retailer, which was founded in Hull in 1933, informed staff of the news this morning.
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Falling star: Comet is to go into administration
Around 6,500 jobs are now under threat, including almost 200 in Hull.
Comet has a business centre in George Street and stores at St Andrew's Quay and on Kingswood.
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Restructuring specialist Deloitte has been lined up to handle the administration.
Comet, founded by George Hollingbery, grew from a single store in Hull to one of the country's largest chains, but in recent years it has faced tough competition from online retailers.
Last November, Kesa Electricals sold the struggling business to retail turnaround firm OpCapita for a token £2.
As part of the deal, Kesa pumped £50m into the chain and took on the firm’s pension scheme.
But in May this year, hundreds of Hull workers were made redundant when Comet closed a call centre in George Street.




Comments
by smala01
Monday, November 05 2012, 1:12AM
“Comet was just another Curry`s clone - once inside you couldn`t tell the difference. Although recently customer service improved, i still have the perception of 3-4 years ago when service was so bad I turned to online shopping as an alternative.
The market place simply isn`t big enough for two similar companies.
And when you take into consideration you can save 20-30 per cent online - the high street is fast declining.”
by nohopers
Friday, November 02 2012, 5:24PM
“I just pray to god that Hull gets the Siemens contract. This city could be a goldmine if the southern led government gave a toss about the city. If this was a contract on the Thames it would have been sorted long ago. The government is frightened to death to force companies to pay their tax in case they pull out of the country. The way things are going there will be nothing left, tax payments or not. Get your finger out and make sure Siemens dont get a better offer.”
by Zola1984
Friday, November 02 2012, 10:52AM
“First of all lets get a few things straight. Comet is a private business, as other commentators on here and in the national media have already said it failed because it didn't adapt to online retailing and hence it fell behind. In the UK it's not the job of the government to run privately owned businesses, if you want to live in a country where government controls business then go live in Russia or Venezuela.
Secondly, people in the UK still have money to spend, just that it's the rich who still have it and not the poor, but because there is a disproportionate ammount of poor people in Hull with no more access to credit then it seems like the whole country has no money when in reality its just people in Hull.
And finally, as other commentators have said, Hull has one of the worst records for education in the UK, this means many people in Hull lack the skills and education to work in highly skilled professional jobs, not that there are many in Hull anyway, but Hull people have a responsibilty to themselves to improve things around them and stop blaming the government.”
by Worker111
Friday, November 02 2012, 9:03AM
“by unified,
The cuts are unavoidable or we end up like Greece.
Do you think if Labour where in power there wouldn't be cuts?
In France they thought if they elected the nice Msr Hollande things would be alright because he made some nice sounding promises, however once in power he too couldn't aviod the fiscal reality.
This country is up to it's eyeballs indebt. That debt was accrued while Labour where in power, but them and there supporters refuse to accept any responisbility.
Labour will probably win the next election, and the cuts will continue who will you blame then?
Things are bad, but could be a lot worse, if we followed your plan of racking up even more debt they would be a lot worse.
Things are not going to improve anytime soon.”
by London2Hull
Friday, November 02 2012, 8:52AM
“We've really got to get out of the habit of blaming the government and start taking responsibility for our actions. Comet's failure is all our fault.
We didn't buy enough sodastreams.
(for the purpose of impartiality other retailers sell sodastreams too and their time will no doubt come)”
by unified
Friday, November 02 2012, 8:42AM
“If the government cuts the money it gives to local authorties and to the construction industry for capital projects then the money customers have to spend is reduced so Comet and others suffer as they have large items that people do with out.
This is made worse by those who rejoice when those "feather bedded council employees" lose jobs and the purchase power they have.
You cant make job losses without sale losses.”
by Worker111
Friday, November 02 2012, 8:24AM
“corrig,
My spelling used to be very good, but has been, made somewhat lazy by spell checker.
Spelling is not always a guide to edcational standards.
Why was it written in a jealous rage?
All I am doing is pointing out the truth, which seemingly some people don't want to hear.
Not sure where the 10m green arrows came from though, clearly more popular than I thought.
Smart guy, Cameron may well be an idiot who has never had a proper job in his life, but so is Miliband, who is also a millionaire, inherited from his marxist father. Funny how many marxists are rich.
Blaming the banks is the easy option, though they do have some responsibility, and quite a few should be in jail.
But also responsible are the fools who took out 125% mortgages, and borrowed to finance a lifestule they couldn't afford.
But Labour where in power at the time, and they are also responsible for encouraging it to happen.
Just remind me, who gave Fred Goodwin his knighthood for services to banking?”
by NeilTheasby
Friday, November 02 2012, 1:04AM
“Dear Captainmerlot,
Please learn to read more carefully. My comment did not blame the horrible ConDems for the Comet situation at all. I just pointed out that the horrible ConDems have been talking up the economy even as long-established companies go to the wall. Besides, most of my comments are about The Tigers and even I cannot blame the horrible ConDems when we lose a match!
Best wishes,
Neil”
by thesnooper
Friday, November 02 2012, 12:50AM
“i would imagine that comet has caused some of its own problems but also the government has had a part to play in that the cuts they made were too severe and that caused consumers to stop spending and obviously the weaker companies go to the wall.
the government could have made the economy fair a little better by cutting back a little less but over a longer period.
i wish all the employees sucess in finding a job but in this town its not a good prospect there are apparently 50 people chasing every job advertised in hull and with each redundancy these figures will keep rising.
the uk as a whole is manufacturing less and less and we import more and more this shouldnt be happening”
by Dandaragan
Thursday, November 01 2012, 10:13PM
“The times are changing. Governments cannot turn back the clock. We need to encourage and support the development of new businesses and ideas. Retail has always been in flux. "Are you being Served?"”