14:58 18 December 2012
After almost eight decades of trading, the electrical retailer Comet will close its doors for the last time on Tuesday, 18thDecember, 2012. The high street store is the latest company to suffer from a loss of trade.
The sad news comes for the firm after their administrators Deloitte declared that they were unable to find a buyer for the company. With only 49 stores left open out of 236, these too will now shut.
The Christmas period is usually an important time of year for retailers, with the rush of Christmas shoppers buying presents for loved ones usually bumping up sales.
Based on reports, the fall of the business will end up costing the Government around £49.4million, as redundancy payments will need to be made to members of staff at Comet among other things.
The sum of losses that the firm endured leading up to April 2012 came to £95million, according to Deloitte, who revealed the figures on Monday. It is thought that the businesses revenue also fell by £200million over this period.
Comet, who originated in Hull, is another example of a business who has suffered because of the decline in trade in recent times. It is thought that many shoppers are using online retailers to buy products from.
Last year it was declared that Comet was to be sold to OpCapita for just £1.
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