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Another household name to hit the wall?
The tough economic climate looks set to claim its latest victim with electrical giant, Comet, confirming that it would be put into administration. Around 6,500 jobs are at risk as private equity firm OpCapita appears to have failed to in their attempts to turn around the fortunes of the 240-store business.
A combination of the economic downturn with pressure on consumer spending leading to many consumers shying away from big money purchases and increased competition from online electrical suppliers has led to the potential demise of Comet. According to some experts, one of the contributing factors to Comet's struggles has been its apparent failure to embrace the online market. Retailers, no matter what size, have to be competitive across the broad spectrum of shopping platforms - retail outlets, a website, purchase via smart phones and tablets are all avenues through which consumers are making purchases.
A lesson to businesses at all levels - an online presence is vital to most businesses and those in retail must engage fully with the online world. Only last month Argos announced plans to cut 50 shops and focus more investment in online retailing.
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