Electronics retailer Comet has become one of the latest big name casualties of the UK economic downturn, reports the BBC. The company, which employs around 6,500 people confirmed that it will be going into administration after OpCapita, which bought the business for £2 last year, failed to reverse its ailing fortunes.
It is thought that a combination of the economic downturn coupled with rising internet sales orders and a general squeeze in consumer spending have contributed to the company failing.
Don’t expect too many tears from its rivals however – Dixons Retail jumped 15% on the news of a fallen competitor.