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Administrator Deloitte is to close an additional 125 Comet stores after being unable to find a suitable buyer for the business.
The closures will roll out at the beginning of December if a White Knight cannot be found in the meantime.
Deloitte plans to close 125 of the struggling retailer’s remaining 195 stores over the next few weeks, leaving 70 stores open until the firm’s remaining stock is sold.
However, surfacing reports indicate that the store closures could happen by December 18th.
Plans to close the firm’s distribution centre in Harlow, Essex have already been set in motion as the site is confirmed to close on Friday, whilst Deloitte has also revealed it will begin to reduce Comet’s support functions in Rickmansworth, Hull and Clevedon.
If the scheduled closures go ahead, it would result in an additional 5,000 job losses.
The situation continues to worsen for Comet’s employees who potentially face the axe just a week before Christmas.
Chris Farrington, Joint Administrator, commented: “We remain in discussions with a small number of interested parties and hope that a positive outcome can still be achieved. Should any acceptable offers be received for stores we will delay the closure process."
"Unfortunately, in the absence of a firm offer for the whole of the business, it has become necessary to begin making plans in case a sale is not concluded."
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