Comet collapse ‘both threatens Teesside jobs and shows extent of the recession’

Middlesbrough South and East Cleveland Labour MP, Tom Blenkinsop, said today (November 2nd 2012) that the news that electrical retailer, Comet, was being placed into administration, both threatened local jobs and also showed the depth of the recession and unemployment on Teesside.

Tom said:
“I gather that Comet has today told its workforce that it is to enter administration early next week and is “urgently” working to try to secure its future. The firm is in trouble and is trading without credit insurance, which protects suppliers against the failure of a retailer. If Comet go under they will be the 29th high street retailer to go into administration since the turn of the year.

“This threatens local jobs. Comet have a large Teesside outlet on Teesside Park, and there are other outlets in Hartlepool and Yarm Road, Darlington. Local people there are how in suspense, and do not know their future, just two months before Christmas.

“It also shows how bad the depths of the recession are here on Teesside. It has to be hard for any retailer to survive when 41,300 people are jobless on Teesside and when jobless figures are still remorselessly increasing month by month. The Government have to heed all the warnings – not least from their elder grandee, Michael Heseltine – that they have to adopt a plan B for growth – and not decay.”

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