Comet was a UK electronics giant — sold for £2 and collapsed within a year

Comet was founded in 1933 in Hull as a battery charging shop, growing into a pioneer of out-of-town discount warehouses. By 1976 it had 50 outlets and was one of the UK's largest electrical retailers. In 1984, Woolworths (Kingfisher) bought Comet for £177 million. In 2003, Comet was demerged from Kingfisher into KESA Electricals, a standalone listed company.

Comet struggled against online competition from dabs.com and Amazon, and discounters like Tesco entering non-food. The 2008 financial crisis hit consumer spending hard. By 2009, KESA posted a pre-tax loss of £81.8 million, and Comet's retail profit fell 76.5% to £10.1 million. In June 2011, Comet posted its first loss in 16 years — £8.9 million. The board sold the company in November 2011 to private equity firm OpCapita for a token £2, with KESA providing a £46.8 million dowry of working capital.

OpCapita had no experience running a retailer. Suppliers, fearing insolvency, demanded upfront payment before Christmas 2012, draining cash reserves. On November 1, 2012, Comet announced it would file for administration. All 236 to 240 stores were liquidated and closed by December 18, 2012, putting 6,650 employees out of work. The government spent £26 million on redundancy payments. The brand was later bought out of administration and revived as an online retailer.