Jobs under threat as Comet goes into administration

More than 6,500 jobs are at risk across the UK as the troubled high-street electricals chain Comet has been officially placed into administration. Comet is estimated to have lost £35m in a year. In a sign of the toughness of the market US giant Best Buy pulled out of the UK last year after struggling to gain a foothold.

The 240-strong chain, including its Marsh Barton branch, confirmed plans for it to be placed into administration next week, marking on of the UK's biggest retail failures in recent years.

Staff were informed of plans this morning and restructuring specialist Deloitte has been lined up to handle the administration.

Comet was bought for a nominal fee of just £2 by investment company OpCapita earlier this year but has been unable to secure the trade credit insurance needed to safeguard suppliers.