Will this madness never end?

You know where to come. Or not.

banner ad stating “Comet Sale Starting Soon…”

Comet, the UK electrical goods retailer is the latest victim of the economic downturn, entering into administration on 2 November. According to the administrators, Deloitte:

Comet has struggled to compete with online retailers which have far lower overhead costs and can offer cheaper products. Against a backdrop of continuing weak sales, and speculation that Comet was being approached by prospective buyers, suppliers have been reluctant to provide credit terms, which has had a negative effect on cash flow. The inability to obtain supplier credit for the peak Christmas trading period, means that the Company had no realistic prospect of raising further capital to build up sufficient stock to allow it to continue trading. As a consequence of all these factors, the directors of Comet had no choice but to seek Administration

Deloitte news release

I suspect that when the Comet sale was first announced, they were planning for pre-Christmas shopping, not selling the entire company or its liquid assets.


Comet ran a series of TV ads with the tagline Comet, you know where to come.