LONDON: British electrical retailer Comet is about to close its doors for the final time after nearly 80 years.
The last 49 stores of what was a 235-strong chain were closing yesterday evening after Comet's new owners failed to come up with a strategy to deal with a sour British economy and the online shopping revolution.
The end of Comet, which started operating in 1933 from the northern English city of Hull, will cost 6,900 people their jobs, while the government will be left holding the bag for nearly 50 million pounds ($ 810 million) in unpaid taxes and the cost of paying off employees.
Unsecured creditors, mainly landlords, are owed 233 million pounds, according to Deloitte, which was called in last month to try to save the company or liquidate it. And the government announced that a fact-finding inquiry has been launched into the company's failure to determine whether further action is required.
Comet's demise is the latest in a string of failures on Britain's high streets over the past few years.
This year a number of companies have run into trouble, including fashion retailer Peacocks, which was forced into administration, a form of bankruptcy. Eventually it was taken over in a deal that saved 6,000 jobs but cost 3,100 more.
And Sports Direct stepped in to rescue 100 of the 180 stores of JJB Sports in October, a deal which saved a thousand jobs but sacrificed 3,000. U.S. company American Greetings also picked up about 400 stores from Clintons Cards in June, a bit more than half the estate, cutting employment from 7,500 to 4,500.
As in many parts of the world, retailers have struggled to respond to the host of retailers online, including Amazon.com, that often offer big discounts.
In Britain, retailers have also struggled in the face of a nine-month recession that only ended in the third quarter of 2012, largely because of a summer boon related to London's hosting of the 2012 Olympic Games.
Most forecasters think the British recovery will be patchy over the months and years to come as the country's main trading partners in Europe struggle in the face of a debt crisis and the government continues to cut costs and raise taxes in order to get the public finances back into shape.
The future of Comet has been in doubt since French-based Kesa Electricals — now known as Darty — sold Comet for 2 pounds last year to Hailey Holdings and gave the buyers a dowry of 50 million pounds.
Comet was the second-largest electrical appliance in the country with about a 5 percent market share, or a fourth as much as market leader Dixons.
UK retailer Comet shutting down, 6,900 jobs lost
UK retailer Comet shutting down, 6,900 jobs lost
Oman targets clean energy, EVs in China talks
JEDDAH: Oman is intensifying efforts to attract investment into its industrial sector and advance toward high-value, technology-led activities through an official visit to China.
The delegation was headed by Saleh Said Masan, undersecretary for commerce and industry at the Ministry of Commerce, Industry and Investment Promotion, who visited a number of major Chinese manufacturing facilities, according to the Oman News Agency.
Industrial development is a central pillar of Oman Vision 2040 and the Industrial Strategy 2040, which target a tripling of manufacturing output, the attraction of approximately 40 billion Omani rials ($104 billion) in investment, and the expansion of advanced and green industries.
“These visits fall within ongoing efforts to strengthen investment in the industrial sector, in line with Oman’s strategy to develop integrated industrial clusters and shift toward high value-added industries driven by innovation and advanced technologies,” ONA reported.
As part of the visit, the delegation toured global solar energy firm JA Solar, where discussions with senior management focused on the latest smart solar cell and panel manufacturing technologies.
Both sides reviewed progress on the establishment of JA Solar’s facility in the Sohar Freezone, following a previously signed memorandum of understanding with the ministry to develop an integrated solar cell and module plant with an estimated investment of $564 million.
Officials confirmed that construction is proceeding according to plan, underscoring Oman’s goal of positioning itself as a regional hub for clean energy technologies and supporting its net-zero emissions target by 2050.
The delegation also visited the headquarters of BAIC Motor Corp., where recent advancements in electric and smart vehicles, along with next-generation transportation systems, were presented.
During the visit, Masan highlighted the incentives and support mechanisms offered by Oman to attract investment in the electromechanical and transport industries, reaffirming the ministry’s commitment to facilitating high-quality industrial projects.
“This direction aims to establish joint ventures in automotive assembly and manufacturing, helping diversify the industrial base and create specialized employment opportunities for Omani professionals in engineering and digital technologies, in line with Industrial Strategy 2040 objectives,” ONA stated.
Concluding the visit, the undersecretary said the engagements reflect the ministry’s focus on a qualitative shift toward capital-intensive and technology-driven industries.
He added that integrating renewable energy projects with JA Solar and localizing vehicle technologies with BAIC would enhance manufacturing’s contribution to gross domestic product and strengthen the competitiveness of national products under the Made in Oman brand.
Masan emphasized the ministry’s commitment to fostering an attractive investment climate that encourages foreign direct investment and supports the integration of small and medium-sized enterprises into the global supply chains of leading international companies.
