Comet to close final stores as government launches investigation into collapse
Comet will close all 49 of its remaining stores today as it emerged that The Department for Business, Innovation and Skills has launched an investigation into the purchase and administration of the failed electrical retailer.A report by administrators Deloitte says that secured creditors including Hailey Acquisitions, the vehicle Opcapita used to buy the retailer, will receive only £52 million of the £145 million which they are owed. Unsecured creditors, including HM Revenue & Customs, are likely to receive nothing. HMRC is owed £26.2 million.
Deloitte also confirmed that the taxpayer will pick up a £49.4 million bill due to there being insufficient funds to pay the redundancy, holiday and notice pay owed to Comet’s 6,600 workers.
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