Comet administrator Deloitte has swung the axe for the first time since it was brought in to take control of operations with 330 support staff getting the chop. Biz advisory outfit Deloitte confirmed 99 staff at the Rickmansworth HQ, 53 from the operation in Hull and 42 in the call centre in Clevedon were told of their fate on …
So OpCapita spend £2, get given a £50m bung, and are in line to receive another £50m or so when the store is flogged off. Nice work if you can get it. I've seen no evidence of any significant restructuring or attempts to turn the business around since they took over. Strange that KESA didn't do this themselves, doesn't look like a great deal for them with hindsight, especially as they kept the pension liabilities.
What's also sad is that apparently they've had to stop the business merely because paying cash for goods wasn't workable... Aside from those insurers clearly pulling lines of credit because Opcapita were undermining the business, it seems such a shame that the business was being run so badly that apparently simply paying for your goods wasn't workable.
Make a lot of money out of it, second only to the asset stripper Opcapita.
This was never about turning Comet into a profitable business.
Lying conniving sh*ts.
May they all catch herpes of the rectum and suffer
Re: Deloitte will
There's a reason they're called "Do little" ......
Kesa Electricals are just as bad
"Comet's previous owner Kesa Electricals offloaded the ailing retailer to venture capitalist Op Capita in November 2011, along with a £50m dowry for working capital."
So - Kesa Electricals offload the ailing company for £50m - that's the complete limit of their liability. Creditors lose out. Employees will get statutory redundancy pay. Not that this is new, lots of companies do it. It does not make it right.
Re: Kesa Electricals are just as bad
"So - Kesa Electricals offload the ailing company for £50m - that's the complete limit of their liability."
No, there's another £50m pension deficit that Kesa will have to pony up because they retain the historic pension liabilities. You could argue that is historic under-funding, but it crystallises for Kesa as a result of the sale of Comet, and the refusal of the then buyers to take that on.
"Creditors lose out. " Shouldn't be too many trade creditors - the impending doom was why the suppliers were demanding cash on delivery terms, because they could see which way it was going.
"Employees will get statutory redundancy pay. Not that this is new, lots of companies do it. It does not make it right."
Nobody likes it, but if there's any better ways of dealing with an insolvent business or "more right" ways of treating employees then I'm sure most people would be pleased to hear them. We all know fewer people need/want to shop on the high street, so the high street is over-supplied with white and brown goods retailers until a lot of stores shut, and Comet on their own aren't sufficient. Expect more closures of stores from competitors.
So Comet jobs don't have an extended warranty?
Pretty crappy when these poor sods are losing there jobs in the run up to the so called festive season.
I feel sorry for anyone who loses their job. A joke about extended warranties doesn't mean I don't care. And if anyone is trying to hack my account, I've changed my password.
No its only covered by return to manufacturer warrenty
Except those that we are still repairing obviously!
Please don't repair him, nobody wants him to come back.
Comet - Extended Warranty Repudiation
Comet's Extra Care Standard warranty is not working.
A 32 inch Panasonic TV developed a vertical black line on Saturday. I was advised on Sunday to bring the machine back to Comet, some 10 miles away. This breaches the terms of our Extra Care agreement, a 5 year contract for the Standard plan set up two years ago on purchasing the TV. The Engineer is supposed to visit the house to diagnose the fault, leaving the TV in place until it is repaired or replaced.
I raised this with the Comet helpline yesterday (Monday) who said that the change was on the Administrator's instructions .
I checked with the Warranty Group. The Warranty Group have said that they can do nothing because no instructions have been issued to them so referred me back to Comet.
Comet's helpline 0844 800 9595 kept me on hold for 8 minutes and then seemed to hang up as soon as I mentioned the breach of contract.
Back to the Warranty Group who steered me to the local Comet store, which confirmed that the Administrator has directed that faulty equipment is to be brought in regardless of terms. No replacement will be given whilst the TV is away for an indefinite time and I have grave doubts whether it or its replacement will ever reappear.
Despite assurances on the Comet website that the warranties are run by The Warranty Group and are unaffected the Standard Plan Level is not being honoured. This appears to be a deliberate breach of contract - a repudiation.