Comet
 

News headline Comet going into administration, did I hear correct?
Regards
David

Comet
 

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

Comet
 

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

I think it is now a self-fulfilling prophesy. Once the suppliers hear
Comet is about to go into administration they will refuse to supply.

Comet
 

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

Comet is owned by the private equity firm OpCapita.
It's teetering on the brink:
http://www.dailymail.co.uk/news/arti...g-balance.html

Troubled electrical chain Comet could call in administrators today
after struggling to compete with rivals - a move which may threaten
6,000 jobs.

The company, which has struggled to compete against fierce
competition from the supermarkets and cut-price websites, is tipped
to appoint accountant Deloitte as administrator, the Mail can
disclose.

Private equity firm OpCapita, which bought the chain of 240 stores
for £2 less than ten months ago, has struggled with cashflow issues.

During October it was forced to start sale talks with buyers after
the business model changed when suppliers could not find insurers
willing to cover goods delivered should Comet default on its bills.

The environment for credit insurance has since become tougher and it
has been withdrawn in most cases, forcing OpCapita to pay for all
its stock upfront.
....
OpCapita boss Henry Jackson will take a decision on the solvency of
the business in the coming days and may call in Deloitte as early as
today.


--
Peter Duncanson
(in uk.tech.digital-tv)

Comet
 

In article ,
David wrote:
News headline Comet going into administration, did I hear correct?
Regards
David

It's hardly news - they've been in trouble for ages.

--
*Cover me. I'm changing lanes.

Dave Plowman London SW
To e-mail, change noise into sound.

Comet
 

On Thu, 01 Nov 2012 10:55:19 +0000, Peter Duncanson
wrote:

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

Comet is owned by the private equity firm OpCapita.
It's teetering on the brink:
http://www.dailymail.co.uk/news/arti...g-balance.html

Troubled electrical chain Comet could call in administrators today
after struggling to compete with rivals - a move which may threaten
6,000 jobs.

The company, which has struggled to compete against fierce
competition from the supermarkets and cut-price websites, is tipped
to appoint accountant Deloitte as administrator, the Mail can
disclose.

Private equity firm OpCapita, which bought the chain of 240 stores
for £2 less than ten months ago, has struggled with cashflow issues.

During October it was forced to start sale talks with buyers after
the business model changed when suppliers could not find insurers
willing to cover goods delivered should Comet default on its bills.

The environment for credit insurance has since become tougher and it
has been withdrawn in most cases, forcing OpCapita to pay for all
its stock upfront.
....
OpCapita boss Henry Jackson will take a decision on the solvency of
the business in the coming days and may call in Deloitte as early as
today.

I wondered. We were there a couple of weeks ago and there was very
limited stock. They wanted us to pay for two items in advance then
collect the following week. Fortunately, we have now collected the
items (my birthday and Christmas presents).

Comet
 

On Thu, 01 Nov 2012 10:58:47 +0000 (GMT), "Dave Plowman (News)"
wrote:

In article ,
David wrote:
News headline Comet going into administration, did I hear correct?
Regards
David

It's hardly news - they've been in trouble for ages.

Pedant mode Change of legal status. There is a big difference
between 'being in trouble' and the owners handing over management to
administrators. Pedant mode off

Comet
 

On Thu, 01 Nov 2012 10:07:09 +0000, Scott
wrote:

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

I think it is now a self-fulfilling prophesy. Once the suppliers hear
Comet is about to go into administration they will refuse to supply.

According to the Daily Mail report I quoted Comet has had to pay up
front for stock which is part of the reason they are strapped for cash.


--
Peter Duncanson
(in uk.tech.digital-tv)

Comet
 

On Thu, 01 Nov 2012 11:42:39 +0000, Peter Duncanson
wrote:

On Thu, 01 Nov 2012 10:07:09 +0000, Scott
wrote:

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

I think it is now a self-fulfilling prophesy. Once the suppliers hear
Comet is about to go into administration they will refuse to supply.

According to the Daily Mail report I quoted Comet has had to pay up
front for stock which is part of the reason they are strapped for cash.

If they don't have the stock they won't make sales. If they don't
make sales they won't have money to pay for stock. Probably
unstoppable now.

Comet
 

On Thu, 01 Nov 2012 12:55:26 +0100, Martin wrote:

On Thu, 01 Nov 2012 11:54:02 +0000, Scott
wrote:

On Thu, 01 Nov 2012 11:42:39 +0000, Peter Duncanson
wrote:

On Thu, 01 Nov 2012 10:07:09 +0000, Scott
wrote:

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

I think it is now a self-fulfilling prophesy. Once the suppliers hear
Comet is about to go into administration they will refuse to supply.

According to the Daily Mail report I quoted Comet has had to pay up
front for stock which is part of the reason they are strapped for cash.

If they don't have the stock they won't make sales. If they don't
make sales they won't have money to pay for stock. Probably
unstoppable now.

They don't have stock because they don't have insurance to cover the
suppliers in the event of going tits up.

And they don't have insurance because they are assessed as too high
risk. And they are high risk because ... (full circle).

Comet
 

On 01/11/2012 11:52, Martin wrote:
On Thu, 01 Nov 2012 11:42:39 +0000, Peter Duncanson
wrote:

On Thu, 01 Nov 2012 10:07:09 +0000, Scott
wrote:

On Thu, 01 Nov 2012 09:10:53 +0000, David Woolley
wrote:

David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

I think it is now a self-fulfilling prophesy. Once the suppliers hear
Comet is about to go into administration they will refuse to supply.

According to the Daily Mail report I quoted Comet has had to pay up
front for stock which is part of the reason they are strapped for cash.

There's a better article in the FT
http://www.ft.com/cms/s/0/c6a53496-2...44feabdc0.html

You have encouraged me to apply for a free subscription!

--
Michael Chare

Comet
 

"Dave Plowman (News)" wrote in message
...
In article ,
David wrote:
News headline Comet going into administration, did I hear correct?

It's hardly news - they've been in trouble for ages.

The windows are too big and too square. Sorry, wrong Comet.

--
Max Demian

Comet
 

David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.

Comet
 

On Thu, 01 Nov 2012 12:48:12 +0000, David Woolley
wrote:

David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are *close*
to it. E.G. http://www.bbc.co.uk/news/business-20164561

"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.

Sounds broadly equivalent to the US Chapter 11 provision.

Comet
 

David Woolley wrote:
David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are
*close* to it. E.G. http://www.bbc.co.uk/news/business-20164561

"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.


BBC R4 1 o'clock news says "is to be placed in administration next week".

Comet
 

On Thu, 01 Nov 2012 13:08:02 +0000, David Woolley
wrote:

David Woolley wrote:
David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?

Google says no, although it says a lot of the media say they are
*close* to it. E.G. http://www.bbc.co.uk/news/business-20164561

"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.


BBC R4 1 o'clock news says "is to be placed in administration next week".

Sounds like a reasonable inference from use of the word 'intent'.

Comet
 

Scott wrote:
On Thu, 01 Nov 2012 13:08:02 +0000, David Woolley
wrote:

David Woolley wrote:
David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?
Google says no, although it says a lot of the media say they are
*close* to it. E.G. http://www.bbc.co.uk/news/business-20164561
"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.

BBC R4 1 o'clock news says "is to be placed in administration next week".

Sounds like a reasonable inference from use of the word 'intent'.

You and Yours was speculating. The inference is that they officially
announced the intent.

Comet
 

On Thu, 01 Nov 2012 13:37:36 +0000, David Woolley
wrote:

Scott wrote:
On Thu, 01 Nov 2012 13:08:02 +0000, David Woolley
wrote:

David Woolley wrote:
David Woolley wrote:
David wrote:
News headline Comet going into administration, did I hear correct?
Google says no, although it says a lot of the media say they are
*close* to it. E.G. http://www.bbc.co.uk/news/business-20164561
"You and Yours" (BBC R4, 12:45) suggests they will file an "intent to
appoint administrator", naming Deloitte's, today, giving them five days
to avoid going into administration.

BBC R4 1 o'clock news says "is to be placed in administration next week".

Sounds like a reasonable inference from use of the word 'intent'.

You and Yours was speculating. The inference is that they officially
announced the intent.

Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

Comet
 

"Scott" wrote in message ...


Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

***


Lunch TV News said Maplin turned down buying the whole of Comet but
interested in a few stores.
Looks like the delay a hope of selling the company.
Regards
David

Comet
 

On Thu, 1 Nov 2012 13:56:47 -0000, "David"
wrote:



"Scott" wrote in message ...


Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

***


Lunch TV News said Maplin
Which is also owned by a private equity company
http://en.wikipedia.org/wiki/Maplin_Electronics

turned down buying the whole of Comet but
interested in a few stores.
Looks like the delay a hope of selling the company.

Though it could presumably be sold by the administrator as a 'going
concern'.

Comet
 

In article ,
Scott wrote:
On Thu, 1 Nov 2012 13:56:47 -0000, "David"
wrote:



"Scott" wrote in message ...


Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

***


Lunch TV News said Maplin
Which is also owned by a private equity company
http://en.wikipedia.org/wiki/Maplin_Electronics

turned down buying the whole of Comet but
interested in a few stores.
Looks like the delay a hope of selling the company.

Though it could presumably be sold by the administrator as a 'going
concern'.

it was sold earlier this year for £2 and it doesn't go. What is the
administrator going to sell it for?

--
From KT24

Using a RISC OS computer running v5.18

Comet
 

In article ,
Scott wrote:
It's hardly news - they've been in trouble for ages.

Pedant mode Change of legal status. There is a big difference
between 'being in trouble' and the owners handing over management to
administrators. Pedant mode off

True - but anyone who's had dealing with them would realise it was only a
question of time. Unless bought out by someone who cared a damn.

--
*How many roads must a man travel down before he admits he is lost? *

Dave Plowman London SW
To e-mail, change noise into sound.

Comet
 

In article ,
David wrote:
Lunch TV News said Maplin turned down buying the whole of Comet but
interested in a few stores.

Crikey. Out of the frying pan...

--
*I didn't drive my husband crazy -- I flew him there -- it was faster

Dave Plowman London SW
To e-mail, change noise into sound.

Comet
 

On Thu, 01 Nov 2012 14:14:10 +0000 (GMT), charles
wrote:

In article ,
Scott wrote:
On Thu, 1 Nov 2012 13:56:47 -0000, "David"
wrote:



"Scott" wrote in message ...


Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

***


Lunch TV News said Maplin
Which is also owned by a private equity company
http://en.wikipedia.org/wiki/Maplin_Electronics

turned down buying the whole of Comet but
interested in a few stores.
Looks like the delay a hope of selling the company.

Though it could presumably be sold by the administrator as a 'going
concern'.

it was sold earlier this year for £2 and it doesn't go. What is the
administrator going to sell it for?

You have taken my statement ouf of context. David suggested that the
five day delay might be to allow the company to be sold. I pointed
out that the administrator has the power to sell the company. I was
not suggesting this was the likely outcome.

To add to speculation, I think the most likely outcome is for the most
profitable stores to be sold as a continuing business and the rest to
be closed down as (AIUI) happened with Clinton Cards. Whether the
Comet name remains will be a marketing decision for the new owners.

Comet
 

On Thu, 01 Nov 2012 15:50:03 +0000, wrote:

On Thu, 01 Nov 2012 11:23:33 +0000, Scott
wrote:

News headline Comet going into administration, did I hear correct?


....
OpCapita boss Henry Jackson will take a decision on the solvency of
the business in the coming days and may call in Deloitte as early as
today.

I wondered. We were there a couple of weeks ago and there was very
limited stock. They wanted us to pay for two items in advance then
collect the following week. Fortunately, we have now collected the
items (my birthday and Christmas presents).

Local radio here just carried a spot about a chap concerned because he
had purchased a lot of Comet vouchers to give out as Christmas
presents.
On enquiring he was told they will cease to be valid if the business
does call in the administrator so he was promptly going to a store to
get some appliances.
Don't know if was correct in that but there must be others who have
some.

I think it depends on what happened to the money. AIUI when Zavvi
realised they were heading for administration they opened a special
account to keep the voucher money (as client funds) apart from the
firm's money. If you bought the gift voucher before that date you
became an unsecured creditor but if you bought the voucher after that
date you received a a full refund (although as I recall this took
about a year for the administrators to process).

Comet
 

Comet web site is closed.
Regards
David

Comet
 

"David" wrote in message
...
Comet web site is closed.
Regards
David

That's them f*cked then.

Not really a great loss - very poorly trained uninterested spotty staff,
and over-inflated pricing.

Tim..

Comet
 

On Thu, 1 Nov 2012 17:35:52 -0000, "David" wrote:

Comet web site is closed.
Regards
David

But it does say "Please try again later".


--
Peter Duncanson
(in uk.tech.digital-tv)

Comet
 

"Peter Duncanson" wrote in message
...

On Thu, 1 Nov 2012 17:35:52 -0000, "David" wrote:

Comet web site is closed.
Regards
David

But it does say "Please try again later".


--
***

Sale prices on the way to raise some cash flow maybe.
Regards
David

Comet
 

On 01/11/2012 09:04, David wrote:
News headline Comet going into administration, did I hear correct?
Regards
David



about 18 years ago i visited comet to buy a tv - a 21" sony trinitron no
less - fantastic.
paid about £400 for it - imagine what that was worth back then.
then they tricked me into paying £100 for an extended warranty.
that's how they made (presumably buckets) of money.
times have changed, people still buy stuff, but they pay less for it.
if you know what you're doing there's still money to be made - looks
like comet didn't.

--
Gareth.
That fly.... Is your magic wand.

Comet
 

"David Woolley" wrote in message
...
David wrote:
News headline Comet going into administration, did I hear
correct?

Google says no, although it says a lot of the media say they
are *close* to it. E.G.
http://www.bbc.co.uk/news/business-20164561




Seems they have made some sort of statement which means they will
be in administration in seven days unless Deloitte can find a
buyer who will agree inside five days to take the business over.

OpCapita sell themselves as recovery specialists. Interesting
that the only two organisations they have taken over so far - mfi
and Game - have both failed? Doesn't hold much hope for Comet,
does it?

Sad thing is that it means for most people (i.e. those that don't
live within range of John Lewis) the only place to go for large
ticket brown and white goods will be Currys World.


--
Woody

harrogate three at ntlworld dot com

Comet
 

On Thu, 1 Nov 2012 18:08:47 -0000, "David" wrote:



"Peter Duncanson" wrote in message
.. .

On Thu, 1 Nov 2012 17:35:52 -0000, "David" wrote:

Comet web site is closed.
Regards
David

But it does say "Please try again later".

Perhaps.

I've just remembered that back in 1998 I had a subscription to a weekly
newspaper, "The European". It went bust. Because I still had some months
to go on the subscription I was officially a creditor. I received a
letter from the liquidators of the business. As well as mentioning that
they owed me money the letter also asked if I would like to buy The
European - that is, would I like to buy the business. I thought for a
fraction of a second and decided not to make them an offer. :-)

http://en.wikipedia.org/wiki/The_Eur...28newspaper%29

--
Peter Duncanson
(in uk.tech.digital-tv)

Comet
 

On Thu, 1 Nov 2012 09:04:07 -0000, "David" wrote:

News headline Comet going into administration, did I hear correct?
Regards
David

Advice for Comet customers from GuardianMoneyConsumer rights:
http://www.guardian.co.uk/money/2012...ow-your-rights

With Comet poised to enter administration, we look at what this
means regarding recent purchases, delivery of items and gift
vouchers – and how you can safeguard yourself in the future

The headings a

Can I still shop in Comet?
Can I still shop in a store that has gone into administration?
I'm awaiting delivery of an item I've paid for – will I get it?
What if it doesn't arrive or turns out to be faulty?
If you paid by credit card
If you bought goods on other plastic
If you paid by cash or some other means
Are all gift vouchers worthless if a company is in administration?
I bought vouchers using a credit card. Am I protected?
Will the guarantee I bought with my product still work?

--
Peter Duncanson
(in uk.tech.digital-tv)

Comet
 

I just bought a fan heater from them, but I'd not buy anything expensive
just in case, though I do understand their warranties are underwritten in
the correct fashion, all the ffing about involved in geting anything done
would be annoying I fancy.

I thought they were up for sale?

Brian

--
From the Sofa of Brian Gaff Reply address is active
"David" wrote in message
...
News headline Comet going into administration, did I hear correct?
Regards
David

Comet
 

On Thu, 01 Nov 2012 18:15:50 +0000, the dog from that film you saw
wrote:

about 18 years ago i visited comet to buy a tv - a 21" sony trinitron no
less - fantastic.
paid about £400 for it - imagine what that was worth back then.
then they tricked me into paying £100 for an extended warranty.

Went to Vomit with my dad about 40 years ago.
Still got the item he purchased and, last time I tried it, it still
worked (Sony TC-366 reel-reel tape recorder).
Haven't set foot in the place since...

Comet
 

David wrote:
News headline Comet going into administration, did I hear correct?
Regards
David

Only shame is it's not DSG Currys

Steve Terry
--
Get a free GiffGaff PAYG Sim and £5 bonus after activation at:
http://giffgaff.com/orders/affiliate/gfourwwk

Comet
 

In article , charles
scribeth thus
In article ,
Scott wrote:
On Thu, 1 Nov 2012 13:56:47 -0000, "David"
wrote:



"Scott" wrote in message ...


Still speculation. The situation might change during the five day
period. AIUI this is the purpose of filing a notice of intent - to
allow time for further negotiations. Otherwise they would have
appointed the administrators today.

***


Lunch TV News said Maplin
Which is also owned by a private equity company
http://en.wikipedia.org/wiki/Maplin_Electronics

turned down buying the whole of Comet but
interested in a few stores.
Looks like the delay a hope of selling the company.

Though it could presumably be sold by the administrator as a 'going
concern'.

it was sold earlier this year for £2 and it doesn't go. What is the
administrator going to sell it for?


Here in Cambridge one side of the road is Comet the other is Curry's
doing more or less identical products.

Hardly any price difference between then and more than the one of their
staff has told me that people seem to come in ask their price and then
sod off and buy over the Internet.

How do they know this?, cos they come back in and ask them to sort the
problems they have with said appliance out that was supplied over the
net!...


Seems the real problem is online shopping for such products and I've
done it myself now with some household goods in preference to traipsing
down to them or curry's in the Cambridge traffic ..
--
Tony Sayer

Comet
 

In article , Peter Duncanson
writes
I've just remembered that back in 1998 I had a subscription to a weekly
newspaper, "The European". It went bust.

The most integrated areas in the EU are its public toilets.
No matter if you're Italian, German, French, Greek or Brit, while you
are in there you're a' peein'!

They don't write 'em like Monkhouse did anymore! ;-)
--
Kennedy

Comet
 

"David" wrote in message ...



Sale prices on the way to raise some cash flow maybe.
Regards
David


****
No it is people getting their vouchers redeemed and suppliers taking goods
back.
http://www.guardian.co.uk/business/2...-website-crash
Regards
David

Comet
 

On 01/11/2012 21:57, Paul Ratcliffe wrote:

Went to Vomit with my dad about 40 years ago.
Still got the item he purchased and, last time I tried it, it still
worked (Sony TC-366 reel-reel tape recorder).
Haven't set foot in the place since...

I remember my first trip to Comet, it was actually 40 years ago this week.
It was a newly opened shed in Selly Oak, Birmingham.

My parents bought me a Decca portable radio, which was a combined
birthday/Christmas pressie.

We were coming back from a family day out in Birmingham, (life was
thrilling in the seventies wasn't it ?) I also recall having a pasty
warmed up in a microwave oven in a cafe in the Bull Ring. First time
we'd seen a microwave, it was a Westinghouse I recall ?
Also drove past the brand new Hi Tech BBC Pebble Mill studios on the way
to Comet. What a day !

--
Mark
Please replace invalid and invalid with gmx and net to reply.

www.paras.org.uk