61 Comet stores in possible sale

OpCapita, Comet’s new owner, has unofficially placed 61 of the electricals stores on the market as it prepares to negotiate terms with Comet’s landlords.

Henry Jackson and Mr Clare of OpCapita are due to meet with Comet’s landlords next week to discuss plans and its rents, The Times reported.

61 stores have been earmarked for disposal with property agents already circulating information on the sale, which would comprise 34 underperforming stores and another 37 it would sell if it can secure a premium figure higher than the store makes in yearly profits.

Comet currently operates from 243 stores across the country with an 8,000-strong workforce. The possible sale casts some uncertainty over the employees’ future. Stores set for a sale are located in Cambridge, Telford, Arnold, Nottingham and Rugby, amongst other places.

Plans to cut about 750 jobs in Comet’s service and repair operations this year are already in place. Its previous owner Kesa had placed an emphasis on after-sales care inspired by the success of its French business, Darty.

Comet has faced rising competition from supermarkets and internet sellers of electrical and white goods in the past few years. It is expected to announce losses of £35 million for 2012, after making losses of £8.9 million last year. Sales are forecast to be down from £1.5 billion last year to £1.3 billion this year.

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