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Final day trading for Comet's 49 stores

Comet's last remaining stores will trade for the final time today as the curtain comes down on another famous high street name.

The closure of the final group of 49 stores, which includes a number in Scotland, comes seven weeks after Deloitte was appointed as administrator.

The collapse marks one of the biggest high-street casualties since the demise of Woolworths in 2008.

Deloitte has so far failed to find a buyer for the company or any of its shops and plans for it to present a report outlining the position of creditors in the collapse were being delayed.

The report is likely to indicate that insufficient funds have been raised from the winding down of the chain to pay up to £24 million in redundancy payments to 6600 staff.

This means the Government will probably have to step in and ensure workers receive their payments.

The statement will also disclose that unsecured creditors – including HM Revenue & Customs, which is owed £26.1m – will receive nothing.

Secured creditors, such as the backers of Comet's parent company Hailey Acquisitions, are expected to get payments of just less than £50m.

However, this is a shortfall of £95m on the amount owed at the time of the collapse.

The scale of the problems at Comet will also be highlighted in the report, with the chain reportedly racking up losses of £95m in the year to April, followed by a further £31m in the subsequent five months as credit insurers lost confidence and withdrew support for the business.

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