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UK retailer Comet set for administration

More than 6,000 jobs at risk; parent company also owns GAME

UK electronics retailer Comet could file for administration as soon as today, with more than 6,000 jobs at risk.

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According to various reports this morning the high street chain - which is owned by private equity firm OpCapita, which also owns GAME - has been forced to pay upfront for its stock and is trading without credit insurance, which protects suppliers from failure of a retailer.

The Telegraph reports that finance firm Deloitte has been lined up as an administrator in what would be the 29th UK retailer to go into administration this year.

Administration could lead to either the sale of Comet, or result in a break up and sell off of its stores to other retailers.

Comet is the UK's second largest electrical specialist after Dixons.

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