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Comet to go into administration

1 November 2012 Last updated at 15:00 GMT

Around 6,500 retail jobs are at risk after electrical chain Comet confirmed that it will be put into administration next week.

Private equity firm OpCapita, which owns the 240-store business, has lined up restructuring specialist Deloitte to act as administrator.

OpCapita bought Comet last year for just £2, but the business has struggled from the downturn in consumer spending.

Dan Wagner, a technology entrepreneur from Powa Technologies told BBC News that Comet "was an accident waiting to happen".