Comet sold for £2

[Dos_Box]

Comet, the electrical retailer, has been sold for a mere £2!!

 

BBC News - Comet electrical stores sold by Kesa for £2

 

I missed that Ebay listing!

[glennda]

I did just say that - i would have bought it for £2!

 

I just don't have the £50 million to pump into it!

[featured_spectre]

Christ!! I would have bought it and sold it on for a few million! lol

[Oaktech]

I wouldn't. It's a pretty toxic investment right now.

[aerospacemango]

All well and good buying Comet for £2, but I think that after-sales warranty is £35million.....

 

[Rydra]

Keep an eye on your local Comet store.... expect massive sales as they dump stock.

[laserblazer]

And don't buy anything you can't take out of the stoor there and then.

[Oaktech]

also, remember to fill in the manufacturers warranty registration card just in case it all goes pete tong.

[difinity]

...and buy with a credit card for the extra protection.

[localzuk]

Interesting that they're pumping money into this new holding company, yet they announce that they are going to keep it going as an ongoing concern for 18 months at least.

 

Why say that? Usually statements like that come from companies that are going to asset strip an acquisition.

[jonnykewell1]

the whole reason it has sold for £2 is the fact that they are up to their eyeballs in debt. They fail to mention that.

[aerospacemango]

Interesting that they're pumping money into this new holding company, yet they announce that they are going to keep it going as an ongoing concern for 18 months at least.

 

Why say that? Usually statements like that come from companies that are going to asset strip an acquisition.

 

Because they don't want to come straight out and say "The whole shebang is going down, and we'll be lucky to last 18 months" because that will destroy what little morale there is in the company. Anyone who is owed money by Comet will be getting very itchy about the takeover because they will know that Comet, as an ongoing concern, is unlikely to get past next Xmas...or, perhaps, this Xmas!

[Rydra]

If they stated the intent to liquidate the company, then anyone they owe money to will immediately start asking for that debt to be paid back. By floating the business over the next 18 months, they can dwindle it down, and milk whatever they can from it before firesaling whats left.

 

As an interesting sidenote, highstreet retailers should get a boost soon.... I heard on the radio this morning that the government plans to try and plug the Channel islands Tax loophole, meaning a lot of these 'cheap internet sites' will have to increase prices by 20% (but in reality, they'll take it as a chance to wholesale up prices by 30% or more and claim it's all cos of the tax hikes)

[tech_guy]

Expect some deals in the run up to Xmas. I've been watching the prices of the 40" LCDs.....

[featured_spectre]

tumble dryer for me...my one is on its last legs

[mattx]

As soon as someone mentions the store 'Comet' it's odd, I keep getting flashes of turds in front of my eyes.....

[localzuk]

Well, that's nice. Neg Rep with the reason '.' for my earlier post. Odd. At least give a reason why, I'm always happy to discuss these things!

 

I can understand them not wanting to spook people, but the thing is, unless they actually say 'we're closing' then people can't simply demand things from them anyway. Contracts don't suddenly become null and void because of a change a business announces.

 

If Comet owe me something, and they say 'we're going to be shutting down in 12 months', I can't turn up on their doorstep and say 'i want what i'm owed now!'...

[m25man]

If you read all of the small print it looks like KESA want to keep control of the Pensions,whilst giving the new owners a £50m Dowery, probably because its the pension fund that hold the title to the land and the buildings that Comet Rent for £90 Million a year.

 

You can be pretty sure that the usual loosers will be the shareholders, staff and the Taxman. Kesa whom I think are French owned will be laughing all the way to the bank.