Comet crunched by credit cover providers

Retailer becomes latest to be affected by market jitters
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Comet is believed to have become the latest retailer to be hit by credit insurance reductions, after trade insurer Coface said it had scaled back cover to some of its suppliers.

The Independent reports that the insurance provider had scaled back its cover it offers to some of Comet's suppliers. DSGi was also hit earlier this month in similar circumstances, as reported by PC Retail.

However, a spokewoman for Comet refuted those claims, telling Retail Week: "We have not been informed of any chance in the facilities that credit insurers provide to our suppliers."

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Credit's due

It might sound like a small detail to those not in the game, but any retailer responsible for a large chain of shops ? indeed, even just a single store retailer ? will tell you just how fundamental credit is to the vitality of the business.