Comet hit by 14.5% drop in sales

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More gloom on the high street as struggling Comet chain reports a further drop in sales prior to sale for £2

Comet

Retail chain Comet suffered a 14.5% fall in like-for-like sales in the ten weeks to January 8th 2012, reports trade website ERTonline.

This follows news of a 5% drop over Christmas at rival group Dixons, owner of Currys and PC World.

Comet is in the process of being sold for £2 by parent Kesa Electricals to a group comprising Hailey Holdings Ltd. and Hailey Acquisitions Limited, advised by OpCapita, which specialises in turning around ailing retail operations. The deal should be completed by February 3rd.

Kesa has agreed to pay a £50m dowry and to retain Comet's £46m pension deficit. Some of Comet's 250 UK stores are expected to close once the sale goes through.

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Andy Clough
Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.