Comet
More gloom on the high street as struggling Comet chain reports a further drop in sales prior to sale for £2

Retail chain Comet suffered a 14.5% fall in like-for-like sales in the ten weeks to January 8th 2012, reports trade website ERTonline.

This follows news of a 5% drop over Christmas at rival group Dixons, owner of Currys and PC World.

Comet is in the process of being sold for £2 by parent Kesa Electricals to a group comprising Hailey Holdings Ltd. and Hailey Acquisitions Limited, advised by OpCapita, which specialises in turning around ailing retail operations. The deal should be completed by February 3rd.

Kesa has agreed to pay a £50m dowry and to retain Comet's £46m pension deficit. Some of Comet's 250 UK stores are expected to close once the sale goes through.

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