Comet retailer to go into administrationAround 6,500 retail jobs are at risk after electrical chain Comet confirmed that it will be put into administration next week.
Private equity firm OpCapita, which owns the 240-store business, has lined up restructuring specialist Deloitte to act as administrator.
OpCapita bought Comet last year for just £2, but the business has struggled from the downturn in consumer spending.
Comet's demise is one of the biggest High Street casualties of recent years.
Two weeks ago, OpCapita, said it was examining a number of potential bids for the retailer.
The administrator will run the business as a going concern while it assesses options for sales, closures and liquidation.
Comet said it was "urgently working" on plans to secure the company's future. Customers with outstanding orders are being told it is "business as usual until further notice" and that the group intends to fulfil deliveries of products that have been paid for.
Comet's customer care team is handling customer inquiries on 0844 8009595.
Shares of Comet's rivals rose on news of the planned administration, with Dixons Retail, which owns PC World and Currys, jumping 15% as investors speculated that a major competitor could be removed from the market.
OpCapita bought Comet last February from Kesa Electricals, which had itself struggled to turn around the business. Comet is thought to have had operational losses of about £35m last year.