Europe News

Intense Competition By Online Stores Forces Comet To Shut 41 Stores

It is a scary November fortnight for one of the biggest white goods seller shops in UK – Comet stores. Owned by Opcapita it has shut down 41 stores of 236 in a fortnight thereby creating a pool of 800 unemployed workforce. The tough decision by the board came in line with cut throat competition being faced by Comet stores all across UK by its online rivals such as Amazon.

The firm is searching for a potential buyer which can actually induce a fresh equity in the firm and help in sustaining jobs. Rivals -Dixons and Maplins are being considered as expected buyers which can buy a part of retail store chain. In line with closure of some stores, Comet stores has been offering hefty discounts on its current stock items in order to clear the inventory thereby avoiding further loss. A strong statement by firm’s administrators have appreciated employee’s loyalty towards the company and extended its support towards continued wages being given to employees till complete shutdown happens.

Jeff Foster is a freelance writer and has done his graduation in Mathematics. He loves writing and reading about the recent events in the social media. He has been working as a freelance writer for the last four years. He has got special interest in politics of the Western world. He is a very special member of the News365Today’s Editorial team.

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