Comet plans sell-off of 22 stores
Comet, the struggling electrical retailer is looking to sell 22 of its stores according to a report in the Financial Times.
The newspaper said that Comet had circulated a confidential list of 22 stores that it wanted to sell including some of its best sites in the UK such as Manchester’s Trafford Park, Reading’s Forbury Road and Edinburgh’s Maybury Retail Park.
Owned by Kesa, Comet reported the weakest like-for-like sales of any UK electrical retailer this year with a 15.2% drop in its final quarter. If successful, the sale could reduce Comet’s annual rent bill to the tune of £5 million.
The stores’ have an average lease length of 8.3 years to expiry but leases at some sites will continue until 2029.
The stores highlighted for sale are in addition to the 8-10 stores a year the retailer plans to sell as leases come to an end.
