Twinkies liquidation is approved

















A US bankruptcy judge has given the go-ahead for the liquidation of Hostess Brands, owner of some of the country’s best known food brands, including cream-filled sponge snack Twinkies.













The hearing was delayed from Monday to allow for last-ditch talks with unions, but those failed.


As a first step in the liquidation of the company, Hostess is expected to lay off about 15,000 of its employees.


But Hostess’ advisers are confident that parts of the business can be sold.


In a statement, the company blamed the need for liquidation on a strike by the Bakery, Confectionery, Tobacco and Grain Millers (BCTGM) union, which started on 9 November.


Hostess Brands had sought protection from its creditors through Chapter 11 bankruptcy in January, but said it could not afford to continue operating through a strike.


The BCTGM blamed the company’s problems on years of mismanagement and being saddled with debt by private equity owners.


But Hostess said: “The wind-down was necessitated by an inflated cost structure that put the company at a profound competitive disadvantage”, adding that the main problem was its collective bargaining agreements with its staff.


‘Iconic brands’


One of the firm’s lawyers said there had been a “flood of enquiries” about buying some of the brands.


Advisers to Hostess Brands said they had been showing a potential buyer for the Drake’s cakes brand around the factory in New Jersey on Tuesday.


“These are iconic brands that people love,” said Joshua Scherer from Perella Weinberg Partners.


Hostess expects to keep on about 3,200 staff to help shut down its properties, but only about 200 of them are likely to still be employed at the firm by the end of March.


Hostess said the liquidation would mean the closure of 33 bakeries, 565 distribution centres, approximately 5,500 delivery routes and 570 bakery outlet stores.


BBC News – Business



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AP Exclusive: Syrian rebels seize base, arms trove
















BASE OF THE 46TH REGIMENT, Syria (AP) — After a nearly two-month siege, Syrian rebels overwhelmed a large military base in the north of the country and made off with tanks, armored vehicles and truckloads of munitions that rebel leaders say will give them a boost in the fight against President Bashar Assad‘s army.


The rebel capture of the base of the Syrian army’s 46th Regiment is a sharp blow to the government’s efforts to roll back rebels gains and shows a rising level of organization among opposition forces.













More important than the base’s fall, however, are the weapons the rebels found inside.


At a rebel base where the much of the haul was taken after the weekend victory, rebel fighters unloaded half a dozen large trucks piled high with green boxes full of mortars, artillery shells, rockets and rifles taken from the base. Parked nearby were five tanks, two armored vehicles, two rocket launchers and two heavy-caliber artillery cannons.


Around 20 Syrian soldiers captured in the battle were put to work carrying munitions boxes, barefoot and stripped to the waist. Rebels refused to let reporters talk to them or see where they were being held.


“There has never been a battle before with this much booty,” said Gen. Ahmad al-Faj of the rebels Joint Command, a grouping of rebel brigades that was involved in the siege. Speaking on Monday at the rebel base, set up in a former customs office at Syria’s Bab al-Hawa border crossing with Turkey, he said the haul would be distributed among the brigades.


For months, Syria’s rebels have gradually been destroying government checkpoints and taking over towns in the northern provinces of Idlib and Aleppo along the Turkish border.


Rebel fighters say that weapons seized in such battles have been essential to their transformation from ragtag brigades into forces capable of challenging Assad’s professional army. Cross-border arms smuggling from Turkey and Iraq has also played a role, although the most common complaint among rebel fighters is that they lack ammunition and heavy weapons, munitions and anti-aircraft weapons to fight Assad’s air force.


It is unclear how many government bases the rebels have overrun during the 20-month conflict, mostly because they rarely try to hold captured facilities. Staying in the captured bases would make them sitting ducks for regime airstrikes.


“Their strategy is to hit and run,” said Elias Hanna, a retired Lebanese army general and Beirut-based strategic analyst. “They’re trying to hurt the regime where it hurts by bisecting and compartmentalizing Syria in order to dilute the regime’s power.”


The 46th Regiment was a major pillar of the government’s force near the northern city of Aleppo, Syria’s economic hub, and its fall cuts a major supply line to the regime’s army, Hanna said. Government forces have been battling rebels for months over control of Aleppo.


“It’s a tactical turning point that may lead to a strategic shift,” he said.


At the 46th Regiment’s base, about 25 kilometers (15 miles) west of Aleppo, the main three-story command building showed signs of the battle — its walls punctured apparently from rebel rocket attacks. The smaller barracks buildings scattered around the compound, about 2.6 square kilometers (1 square mile) in size, had been looted, with mattresses overturned. A number of buildings had been torched.


Reporters from The Associated Press who visited the base late Monday saw no trace of the government troops who had been defending it — other than the dead bodies of seven soldiers.


Two of them, in camouflage uniforms, lay outside the command building. One of them was missing his head, apparently blown off in an explosion.


The rest were in a nearby clinic. Four dead soldiers were on stretchers set on the floor, one with a large gash in his arm, another with what appeared to be a large shrapnel hole in the back of his head. The last lay on a gurney in another room, his arms and legs bandaged, a bullet hole in his cheek and a splatter of blood on the wall and ceiling behind him as if he had been shot where he lay.


It could not be determined how or when the soldiers had been killed.


The final assault that took the base came after more than 50 days of siege that left the soldiers inside demoralized, according to fighters who took part.


Working together and communicating by radio, a number of different rebels groups divided up the area surrounding the base and each cut the regime’s supply lines, said Abdullah Qadi, a rebel field commander. Over the course of the siege, dozens of soldiers defected, some telling the rebels that those inside were short of food, Qadi said.


The rebels decided to attack Saturday afternoon when they felt the soldiers inside were weak and the rebels had enough ammunition to finish the battle, Qadi said. The battle was over by nightfall on Sunday. Seven rebel fighters were killed in the battle, said al-Faj of the rebels’ Joint Command. Other rebel leaders gave similar numbers.


It remains unclear how many soldiers remained in the base when the rebels launched their attack and what happened to them.


Al-Faj said all soldiers inside were either killed or captured. He said he didn’t know how many were killed, but that the rebels had taken about 50 prisoners, all of whom would be tried in a rebel court. Aside from the 20 prisoners seen at the rebel’s Bab al-Hawa base, the AP was unable to see any other captured soldiers.


The Syrian government does not respond to requests for comment on military affairs and said nothing about the base’s capture. It says the rebels are terrorists backed by foreign powers that seek to destroy the country.


Disorganization has plagued the Syrian opposition since the start of the anti-Assad uprising in March 2011, with exile groups pleading for international help even when they have no control over those fighting inside of Syria.


A newly formed Syrian opposition coalition received a boost Tuesday, when Britain officially recognized it as the sole representative of the Syrian people.


The National Coalition of the Syrian Revolutionary and Opposition Forces was formed in the Gulf nation of Qatar on Oct. 11 under pressure from the United States for a stronger, more united opposition body to serve as a counterweight to more extremist forces.


British Foreign Secretary William Hague said Tuesday the body’s members gave assurances to be a “moderate political force committed to democracy” and that the West must “support them and deny space to extremist groups.”


The United States and the European Union have both spoken well of the body but stopped short of offering it full recognition.


Key to the body’s success will be its ability to build ties with the disparate rebel groups fighting inside Syria. Many rebel leaders say they don’t recognize the new body, and a group of extremist Islamist factions on Monday rejected it, announcing that they had formed an “Islamic state” in Aleppo.


Anti-regime activists say nearly 40,000 people have been killed since Syria’s crisis started 20 months ago.


___


Associated Press write Elizabeth Kennedy contributed reporting from Beirut, Lebanon.


Middle East News Headlines – Yahoo! News



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“Secret Disco Revolution” Gets U.S. Release
















LOS ANGELES (TheWrap.com) – Screen Media Films has acquired U.S. theatrical rights to the documentary “Secret Disco Revolution,” featuring interviews with many 70′s music icons, including Gloria Gaynor, The Village People, and Kool and the Gang.


ScreenMedia plans a June 2013 U.S. theatrical run of the documentary, the company announced Monday.













Written, directed, and produced by Kastner, the film looks into the disco movement and many of its key figures.


“For anyone that grew up with disco this film will transport you back in time while filling in the blanks to what you didn’t even realize was happening around you,” said Suzanne Blech, president of Screen Media Films.


“If you weren’t around at the time to get caught up in the disco craze, the music and the moves will make you want to get up and dance,” Blech said.


Entertainment One Films International (eOne) has also sold the film to a number of other territories, including Japan (Kadokawa), Italy (Sky Arts) and Germany, Austria, Switzerland and France, all through ZDF Arte.


The Screen Media deal was negotiated by Blech and Charlotte Mickie from eOne, along with Andrew Herwitz from The Film Sales Company, on behalf of the filmmakers.


Music News Headlines – Yahoo! News



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Pfizer, Bristol get EU nod for blood clot preventer
















(Reuters) – European health regulators on Tuesday approved an eagerly anticipated blood thinner developed by Bristol-Myers Squibb Co and Pfizer Inc for preventing strokes and blood clots in patients with an irregular heartbeat known as atrial fibrillation, the companies said.


The drug Eliquis, also known as apixaban, is widely considered one of the most important new products for the two U.S. drugmakers, with multibillion-dollar annual sales potential.













The European approval was expected after an advisory panel this year recommended it for atrial fibrillation.


“It’s not unexpected, but it’s positive to finally get an afib approval under the belt for Eliquis,” said MKM Partners analyst Jon Lecroy, who sees annual sales reaching $ 2 billion by about 2017. “We’re looking for a March approval or earlier in the U.S. for the same indication,” he added.


The U.S. Food and Drug Administration is expected to decide on the proposed use of the drug in the world’s biggest market by March 17, after delaying a decision in June to review more information from clinical trials.


The European Commission approval marks the first regulatory approval for Eliquis for stroke prevention in atrial fibrillation patients in any market, the companies said.


Eliquis belongs to a new class of medicines designed to replace decades old warfarin for preventing blood clots in heart patients and after hip or knee replacement surgery.


It already was approved in 27 European Union countries for prevention of certain blood clots called venous thromboembelisms following elective hip or knee replacement surgery.


But atrial fibrillation, which greatly raises the risk of strokes, is considered by far the largest and most important use for the new drugs, that include Xarelto from Bayer and Johnson & Johnson, and Pradaxa from privately held Boehringer Ingelheim.


Eliquis, like Xarelto, works by inhibiting a protein called Factor Xa that plays a critical role in blood clotting. Pradaxa has a slightly different mechanism of action.


About 6 million people in Europe and another 5.8 million in the United States suffer from atrial fibrillation, the most common form of heart arrhythmia, or irregular heartbeat.


In clinical trials, Eliquis demonstrated superiority over warfarin in reducing the risk of strokes, major bleeding and death.


Warfarin, widely used for more than half a century, is inexpensive and works well, but requires close and regular patient monitoring as well as lifestyle and dietary changes that are not necessary with the newer medicines.


“Patients with atrial fibrillation have a five times greater risk of stroke and there remains a critical public health need for improved treatment options to reduce this risk,” Lars Wallentin, director of cardiology at Uppsala Clinical Research Centre and University Hospital in Sweden, said in a statement.


He called Eliquis “an important new treatment option for health care professionals, who now have an oral anticoagulant with superior outcomes versus warfarin.”


Wall Street analysts have said that, based on clinical efficacy and safety data, they believe Eliquis will become the dominant player in an estimated $ 10 billion market for the new blood thinners once it receives U.S. approval.


Pfizer Chief Executive Ian Read, in a statement, said he believes Eliquis “has the potential to transform the standard of care in stroke prevention in nonvalvular atrial fibrillation”.


Pfizer shares were up 5 cents at $ 24.19 and Bristol-Myers shares were up 2 cents at $ 32.05, in afternoon trading on the New York Stock Exchange.


(Reporting by Bill Berkrot; Editing by Gerald E. McCormick, Tim Dobbyn and David Gregorio)


Medications/Drugs News Headlines – Yahoo! News



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Autonomy ‘misled HP on finances’



















HP chief executive Meg Whitman: “We uncovered a whole host of very concerning accounting improprieties”



Computer maker Hewlett Packard has asked US and UK authorities to investigate alleged misrepresentations of Autonomy’s finances before HP took over the UK software group last year.


HP said Autonomy appeared to have “inflated” the value of the company prior to the takeover as part of a “wilful effort to mislead”.


This led to a $ 5bn (£3.1bn) charge in its latest quarterly accounts.


The former management team of Autonomy “flatly rejected” the allegations.


Three former senior members of staff, including former chief executive Mike Lynch, said they were “shocked” to see the statement.


“HP’s due diligence review was intensive,” Autonomy’s former chief executive, chief financial officer and chief operating officer said, referring to the process of investigating a firm prior to purchase.


“It took 10 years to build Autonomy’s industry-leading technology and it is sad to see how it has been mismanaged since its acquisition by HP,” the statement from the former management team said.


During a conference call following the announcement, HP chief executive Meg Whitman said: “We did a whole host of due diligence but when you’re lied to, it’s hard to find.


“[Autonomy] was smaller and less profitable that we had thought,” she said, adding that HP’s investigations suggested that the UK firm had misstated its revenues and growth rate.


Taking into account recent falls in HP’s share value and lower-than-anticipated returns from the merger, the total one-off charge recorded in HP’s accounts for the three months to the end of October was $ 8.8bn, pushing the company to a $ 6.85bn net loss.


‘Questionable accounting’


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HP’s allegations… are shocking if true – not least because for years Autonomy was regarded as that rarest and most precious of British companies, a global hi-tech success”



End Quote



HP said during the conference call that “a very senior person” from Autonomy had come forward “with specific details [of accounting misrepresentations]“. That person was still at the company, it said.


Ms Whitman said HP had discovered a number of irregularities, including hardware sales that had been reported as software revenues, which inflated both overall revenues and profit margins.


She said margins of between 40% and 45% had been reported, whereas HP now believed them to be between 20% and 28%.


As well as referring the matter to the regulatory authorities, the company would be “aggressively pursuing individuals responsible for this wrongdoing”, she added.


This would involve trying to recover money for HP shareholders.


HP shares fell 13% in early trading in New York following the announcement.


Deloitte, the accountancy firm which audited Autonomy’s accounts, said it could not comment on the allegations due to client confidentiality, but would cooperate with any investigations.


Criticism


HP completed the takeover of Autonomy for $ 12bn in October last year.


Autonomy was founded by Mike Lynch in 1996 and grew to become one of the largest software companies in the UK.


Mr Lynch is a non-executive director of the BBC, which said in a statement: “We expect to discuss these reports with Dr Lynch imminently.”


Autonomy gained a listing on the US Nasdaq exchange in May 2000, at the height of the technology boom, and was listed in London six months later.


The firm has often been cited as an example of how academic research can be turned into a profitable business, although it has attracted criticism from the City, particularly when, in October 2010, it warned there had been unexpected volatility in its customers’ “purchasing behaviour” and lowered its full-year forecasts.


HP’s decision to buy the company was part of the US firm’s long-term plan to move away from making computers into the more profitable software business.


BBC News – Business



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Turbulence on Cuba-Italy flight leaves 30 bruised
















ROME (AP) — An airliner flying from Havana to Milan abruptly plunged some 1,000 meters (3,300 feet) when it hit unusually strong turbulence over the Atlantic on Monday, terrifying passengers and leaving some 30 people aboard with bruises and scrapes, airline officials said.


The flight continued to Milan’s Malpensa airport after the plane’s captain determined that it suffered no structural damage and two passengers who are physicians found no serious injuries, Giulio Buzzi, head of the pilots division at Neos Air, told Sky TG24 TV.













The ANSA news agency quoted bruised passenger Edoardo De Lucchi as saying meals were being served when suddenly there was “10 seconds of terror.” He recounted how plates went flying and some passengers not wearing seatbelts bounced about.


Buzzi had said that the drop measured some 3,000 meters (10,000 feet) in a cloudless sky. But Milan daily’s Corriere della Sera’s web site, quoting Neos official Davide Martini, later reported that the plane first bounced up some 500 meters (1,650 feet), then dropped some 1,000 meters (3,300 feet) to some 500 meters (1,650 feet) below the original altitude.


Europe News Headlines – Yahoo! News



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Woman hits ‘like’ on Facebook, gets arrested in India
















The police in Mumbai arrested Monday a 21-year-old college student Shaheen Dhada for a Facebook status update and her friend Renu Srinivasan for clicking “Like” on the update. The case is the latest in a string of recent crackdowns on Internet speech in India.


The update had criticized a general strike called by a political party, the right-wing Shiv Sena, to mourn the death Saturday of its elderly founder and patriarch, Bal Thackeray. The controversial leader has been hailed by Hindu nationalists but also criticized by liberals for leaving behind a legacy of political violence in India’s financial capital. The party has been accused of anti-Muslim violence in Mumbai in 1992, and Mr. Thackeray frequently made statements against Muslims.













In her Facebook post, Ms. Dhada wrote, “Respect is earned, not given and definitely not forced. Today Mumbai shuts down due to fear and not due to respect.” She also said that politicians like Thackeray are “born and die daily” and the city need not shut down for it, and that people should remember the martyrs of the Indian independence movement.


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Dhada and Ms. Srinivasan were arrested under section 505(2) of the Indian Penal Code that seeks to punish statements that amount to “creating or promoting enmity, hatred or ill-will between classes.” Additionally the two students have also been charged with Section 66A of the Information Technology Act that criminalizes online speech that is “grossly offensive or of menacing character.” Another law they have been charged with is Indian Penal Code 295A, which makes insulting or outraging religious feelings an offense. The punishment for each count is three years imprisonment each.


The arrests come in the wake of many such in India this year, a result of controversial new information technology laws. The other cases have included arrest of a resident of Chandigarh who complained on the Facebook page of Chandigarh police that they were not doing enough to find her stolen car; a cartoonist who posted work online protesting corruption scandals by the central government; and a professor in Kolkata who merely forwarded an email with a cartoon that was critical of West Bengal chief minister Mamata Banerjee.


While the women in the Thackeray case have been granted bail, the arrest has led to outrage on social media, with even right-wingers condemning the arrest as an assault on free speech.


Pranesh Prakash of the Center for Internet and Society in Bangalore says that the entire Information Technology Act needs a review by the government, civil society, and other stake-holders. “The current law does not have sufficient safeguards for privacy and freedom of speech and the law is being used as a tool of harassment,” Mr. Prakash says.


In a letter to the Maharashtra state government, Press Council of India chief Markandey Katju urged chief minister Prithviraj Chavan to take action against police officials who misused the laws to arrest the girls. Mr. Katju, a retired Supreme Court judge, wrote in his letter, “We are living in a democracy, not a fascist dictatorship. In fact this arrest itself appears to be a criminal act since… it is a crime to wrongfully arrest or wrongfully confine someone who has committed no crime.”


On top of the legal action against the women, street thugs exacted further punishment. A mob of Shiv Sena activists vandalized the clinic of Ms. Dhada’s uncle, Dr. Abdullah Ghaffar Dhada. Speaking on the phone from Mumbai, Dr. Dhadha says he incurred losses of two million Indian Rupees (nearly $ 36,500).


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GetGlue Acquired by Viggle for $25million, Stock
















NEW YORK (TheWrap.com) – Viggle Inc. has purchased GetGlue for $ 25 million in cash and 48.3 million shares in stock, with the goal of making the merged companies the dominate force in social TV. Together, the two companies will have more than 4 million users.


Viggle stock was up 10.81 percent in early trading Monday, to $ 1.23 a share. That makes the value of GetGlue’s stock payout nearly $ 60 million.













Viggle Inc., a reward-based site that launched in January, will operate both brands. GetGlue founder and CEO Alex Iskold will join Viggle in a senior executive position on its management team and as a member of its Board of Directors. Viggle will also hire all 34 GetGlue employees.


“With this deal, we are combining very experienced and creative product, engineering and management teams that will continue to build great user experiences and provide industry leading platforms for consumers, networks and advertisers,” said Viggle CEO Robert F.X. Sillerman. “We will also be vastly increasing the Viggle user base and quadrupling our network partnerships.”


“We are very excited to join forces with Viggle! GetGlue has built a Social TV product that people love, and Viggle has become their favorite loyalty program for TV,” Iskold said. “Together we are positioned to deliver the next generation second screen experiences that delight and benefit users, networks and major brands.”


New York City-based GetGlue, founded in 2007, enables users to tell friends what they’re watching, track their favorite shows, and find videos, images, and links. It has more than 3.2 million registered users.


Viggle has 1.2 million registered users who receive points for loyalty and engagement. They can redeem points from businesses including Best Buy, Amazon, Fandango, Hulu Plus and iTunes.


The deal is only the latest for Sillerman, whose SFX Entertainment also recently purchased the electronic dance music companies Disco Donnie Presents and Life in Color. He said SFX expects up to 50 additional deals to come to fruition in the near future.


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Antibiotics in pregnancy tied to asthma in kids
















NEW YORK (Reuters Health) – Children whose mothers took antibiotics while they were pregnant were slightly more likely than other kids to develop asthma in a new Danish study.


The results don’t prove that antibiotics caused the higher asthma risk, but they support a current theory that the body’s own “friendly” bacteria have a role in whether a child develops asthma, and antibiotics can disrupt those beneficial bugs.













“We speculate that mothers’ use of antibiotics changes the balance of natural bacteria, which is transmitted to the newborn, and that such unbalanced bacteria in early life impact on the immune maturation in the newborn,” said Dr. Hans Bisgaard, one of the authors of the study and a professor at the University of Copenhagen.


Those effects on the immune system could lead to asthma later on, although it’s still not clear how, said Anita Kozyrskyj, a professor at the University of Alberta who also studies the antibiotics-asthma link but wasn’t involved in the new study.


Previous research has linked antibiotics taken during infancy to a higher risk of asthma, although some researchers have disputed those findings (see Reuters Health stories of May 17, 2011 and February 3, 2011).


To look for effects starting at an even earlier point in a baby’s development, Bisgaard and his colleagues gathered information from a Danish national birth database of more than 30,000 children born between 1997 and 2003 and followed for five years.


They found that about 7,300 of the children, or nearly one quarter, were exposed to antibiotics while their mothers were pregnant. Among them, just over three percent (238 kids) were hospitalized for asthma by age five.


In comparison, about 2.5 percent, or 581 of some 23,000 kids whose mothers didn’t take antibiotics were hospitalized for asthma.


After taking into account other asthma risk factors, Bisgaard’s team calculated that the children who had been exposed to antibiotics were 17 percent more likely to be hospitalized for asthma.


Similarly, these children were also 18 percent more likely to have been given a prescription for an asthma medication than kids whose mothers did not take antibiotics when they were pregnant, according to findings published in The Journal of Pediatrics.


In an email to Reuters Health, Bisgaard said he expected to see a higher risk of asthma “because the mother is a prime source of early bacterial colonization of the child, and antibiotics may (have) disturbed her normal bacterial flora.”


Bisgaard’s team also looked at a smaller group of 411 kids who were at higher risk for asthma because their mothers had the condition and found these children were twice as likely as their peers to develop asthma too if their mothers took antibiotics during the third trimester of pregnancy.


Kozyrskyj, who is research chair of the Women and Children’s Health Research Institute, said it’s also possible that something other than the antibiotics are to blame for the findings in both groups of children – such as the illness that caused the mothers to take antibiotics.


“This study, it doesn’t tell us whether it’s the antibiotic use or whether it’s the infection. That’s one thing we can’t decipher,” she told Reuters Health.


The results don’t suggest that women should avoid taking antibiotics to try to reduce their kids’ risk of asthma, Kozyrskyj emphasized.


Some infections can be quite dangerous to a fetus, and “there are very good indications for these antibiotics,” she added.


Bisgaard agreed that women should be treated, “but we see 1/3 of pregnant women in our region receiving treatments (often for urinary tract infections), which may reflect an uncritical use,” he wrote in an email.


Bisgaard said his group is also studying the types of bacteria in pregnant mothers and newborn children to get a better understanding of their role in asthma.


Kozyrskyj said Bisgaard’s study suggests that the development of asthma might start before birth, something researchers hadn’t studied very closely.


“We’re beginning to appreciate that some of the origins of asthma and changes to the immune system, maybe they start earlier than right after birth. It might be happening in utero,” she said.


SOURCE: http://bit.ly/W9SnlJ The Journal of Pediatrics, online November 8, 2012.


Diseases/Conditions News Headlines – Yahoo! News



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Comet to cut hundreds more jobs

















The insolvent electrical chain Comet is cutting hundreds more jobs, its administrators have said.













Deloitte said there would be a further 735 redundancies at its head office, central functions and across its home delivery network.


This is in addition to 330 redundancies already announced. The business had employed 6,611 people.


Closing down sales have already begun in 27 stores, with a further 14 of its 236 stores earmarked for closure.


The home delivery network, which operates from 12 hubs across the UK, has shed 603 employees.


It will continue to function, albeit with a smaller workforce.


On top of that, the administrators have had to make a further 132 employees redundant from Comet’s head office and support functions around the country.


The employees affected have been informed by the company.


There have been no redundancies yet at any of the stores but the administrators warned “there will inevitably be redundancies” among the 869 full-time and part-time employees who work in the 41 stores due to close.


The administrators said they would be applying more generous discounts across all Comet stores from Tuesday.


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  • Aylesbury, Barnstaple, Barrow-in-Furness, Beckton, Birmingham/Perry Barr, Brighton, Bury St Edmunds, Christchurch, Crawley, Falkirk, Glasgow – Great Western, Gloucester (St Oswalds), Guildford, Halifax, Harlow, Leeds – Crown Point, Luton, Margate, New Malden, Orpington, Rugby, Selly Oak, Sheffield – Drake House, Southend, Wrexham, Yeading, Yeovil

  • A further 14 stores are likely to close by the end of November – the locations have yet to be disclosed


A dedicated helpline is in place for all employees and the company is running an employee assistance programme to help those staff made redundant find other jobs.


Chris Farrington, joint administrator at Deloitte, said practical help was being given.


“Support includes connecting people to prospective employers who are keen to offer roles to ex-Comet staff, and providing assistance and workshops to help with job hunting skills, such as CV and cover letter writing and interview skills, to enhance their chances of securing new employment.


“We are very grateful to the company’s employees for their professionalism, loyalty and support at this difficult time and employees will of course continue to be paid for all the work they do while the company is in administration.”


A statement said the company had established relationships with more than 35 prospective employers who are said to be keen to offer roles to former Comet workers, one of these being Comet’s rival electrical chain, Dixons.


Comet had been hit hard by the drop in consumer spending in the UK since 2008, which has been particularly acute in the case of the big ticket items that the group sells.


BBC News – Business



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