If you are on the last run for buying Christmas gifts, today is the last time you will find Britain’s best known electrical retailer Comet on high streets across the land to get your goodies. Comet with its 79 year reign and 236 stores will close leaving only 49 still open.

And it’s not good news for its unsecured creditors including landlords, suppliers, customers and the taxman, who will lose millions of pounds according to the joint administrators. But it is good news for the estimated 7,000 employees who will be out of work, as the government have agreed to step in and pay £23.2 million redundancy money owed to them.

And, as for the future of Comet? Well, it could go the way of former high street chain Woolworths and turn into an online company. Despite having its headquarters in London, it focuses on the continental market - especially France, where it has more than 200 stores under the Darty name.

I am Ann salter thanks for watching. Stay tuned for the latest news on this story with me at ibtimes.co.uk

 

Written and presented by Ann Salter