Kesa Electricals fails to find a buyer for the troubled Comet chain, The Telegraph reports-- meaning Kesa will continue "to examine other strategic alternatives" while trying to implement turnaround plans.
Turnaround specialists showing interest in Comet include investment firm OpCapita and Hilco UK.
Derailing the sales process is the "dowry" for potential buyers, large pension liabilities and credit insurers possibly changing terms-- not to mention Comet's current state.
Comet losses for the 1st May - 31st July period (according to the Kesa Q1 2011 interim management statement) total to -22.1% Y-o-Y.
Comet is going through store reformatting-- with better-selling, higher margin CE products (including tablets, headphones and laptops) getting more space than currently poor-selling white goods (especially fridges and microwaves).
The Kesa Group in general sees losses throughout the period-- with Y-o-Y losses totalling -9.9%-- as white good and CE sales fail to make up for declining TV sales throughout Europe.
Sources tell The Telegraph a Comet sale might be "still possible", bu not until Christmas, the deadline Kesa set. Until then, the Comet turnaround plan will soldier on.
