If you’ve got any unspent Comet gift vouchers, you should spend them as soon as possible as the high street electrical retailer is to go into administration next week.
UPDATE 05/11/12: Comet’s administrators have suspended the use of gift vouchers at stores, although they are said to be reviewing their position on this.
UPDATE 07/11/12: Comet’s administrators have lifted the ‘temporary suspension’ of gift vouchers that had been bought by members of the public. However, it maintains the suspension of gift cards issued on behalf of corporate customers. The administrators add that they intend to fulfil orders when the item is in stock and that if the item is out of stock and paid for by credit card customers may be eligible for a refund from their credit card provider.
Comet is the latest high street casualty of the economic downturn and the appointed administrator Deloitte has said it will run the business as a ‘going concern’ while it considers its options for the 240 stores.
If you are concerned about your orders or purchases, see our guide on what to do when a shop goes bust, or you can call Comet’s customer service centre on 0844 8009595.
Act before Comet goes into administration
You should spend your vouchers now as stock levels are likely to fall at Comet as other shoppers rush to use their vouchers. In addition, once administrators are appointed next week they can choose whether or not to continue to accept gift cards and vouchers, according to the Office of Fair Trading (OFT).
Other companies that have gone into administration have refused to accept gift cards and vouchers.
Goods sold before the appointment of the administrators cannot be refunded or exchanged, although you may have an unsecured claim against the company if the goods are defective. Defective goods sold after the appointment of administrators may be exchanged provided they are returned within 14 days of sale, with the original receipt.
High street retailers going bust
Comet’s owners, private equity firm OpCapita, bought the 79-year-old firm last year for £2 in the hope of being able to turn around its fortunes, but with other electrical retailers also feeling the pinch it faced an uphill battle.
Other retailers that have left the high street include America’s Best Buy, which closed its 11 stores at the start of this year, and video game retailer Game.