Retail Chain 'Faces Threat Of Administration'

6,000 jobs are under threat amid fears of another high profile casualty among UK retailers.

Comet, the electrical chain, is on the verge of calling in administrators as early as Thursday morning after struggling to stock up for Christmas.

It has reportedly been trading without credit insurance, which protects its suppliers should the business fail.

Comet is owned by OpCapita, which snapped up the retailer for just £2 less than 12 months ago from Kesa Electricals as it struggled to compete against strong supermarket and online competition.

It is that threat that has accounted for the troubles experienced by the likes of Clinton Cards and Game and comes only weeks after JJB Sports called in administrators, resulting in 2,000 job losses.

The Financial Times (FT) reported that OpCapita was likely to face controversy as it had received a £50m cash dowry from Kesa, now known as Darty, to take it over.

Darty also retained Comet's pension liabilities.

OpCapita also negotiated a £130m dowry before it bought furniture chain MFI in 2006 which later collapsed.

According to the Local Data Company and PwC retail chain closures hit an average of 32 stores a day in July and August, underlining the challenges facing the high street.

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