Electrical retailer Comet has filed for administration after years struggling in the face of both increased competition from websites like Amazon and Ebay, and a decline in high-street spending due to the economic slump.
"Comet Group Limited can confirm that it has today taken steps to seek the protection of the court with a view to the company entering into administration during week commencing 5 November 2012," the firm said according to a report on AFP.
"In the meantime the board is urgently working with its advisers to seek a solution to secure a viable future for the company."
At the time of writing the firm's website was unavailable as well (see below).
Comet's woes mirrors those of other troubled technology retailers such as Game, which had to close a number of stores this year. However, the annoucement is good news for Dixons, which will now face less competition on the high street and whose shares today hit a 22-month high.
It will also play further into the hands of online retailers in the run-up to Christmas, by removing yet another IT goods seller from the high street and sending more people online to purchase tablets, smartphones and laptops.
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