Bingham McCutchen and Mayer Brown are advising the administrators of electricals chain Comet, which filed for administration on 2nd November.
Deloitte partners Neville Kahn, Nicholas Edwards and Christopher Farrington are trying to find a buyer for the goods retailer after retail turnaround specialist OpCapita, failed to revive the high-street chain, after buying the business for just £2 last year,
Mayer Brown London restructuring head Ashley Katz is the lead partner for the firm on the case, while City financial restructuring partner Liz Osborne is leading a team at Bingham. Both firms are advising the Deloitte trio on the administration.
Meanwhile, Macfarlanes confirmed that it had been advising Comet “in recent weeks in relation to its financial difficulty”.
Kahn said in a statement: “Comet has been battling the changing landscape of the electrical retail sector for many years. It has become increasingly difficult for it to compete with online retailers which don’t face the same overheads such as store rents and business rates.”
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