Comet has been under increasing pressure from suppliers to pay upfront for stock before the critical Christmas trading period.
Those demands are understood to have intensified in the past fortnight after it emerged that OpCapita, the private equity company that owns Comet, had received approaches for the chain.
Deloitte has been lined up as an administrator in what will be the 29th high street retailer to go into administration since the turn of the year, The Telegraph reports.
Markets open higher, thank to China
Turning to the markets we see stocks in Europe are trading little changed this morning despite good news out of China, where the important Chinese manufacturing index not only beat expectations but also managed to rise above the important 50 level indicating that for the first time in three months the Chinese economy is expanding again and providing yet more evidence that the economy might has seen the worst.
"However similar to the US some companies in Asia are also struggling badly with Panasonic reporting a much higher than expected loss and Sony also posting a loss instead of a profit somewhat neutralising the positive effect the good economic data out of China is having on financial markets," says Markus Huber at ETX Capital.
A big earning's day in the UK with Lloyds, Shell posting results
There isn’t much data scheduled for release out of Europe today, with focus being on UK corporate earnings.
So far UK earnings similar to other parts of the world have turned out mixed at best, this morning BT, Lloyds and Royal Dutch Shell have been reporting, with Shell similar to BP posting good results, while BT was mixed beating earnings per share but missed revenue forecast and finally Lloyds announcing that they will make an additional provision of 1 Billion pounds for PPI claims.
"Later in the day there is plenty of data out of the US scheduled for release with the main focus being the ADP employment change index ahead of tomorrow’s US Non Farm Payrolls. Understandably top tier data like US Non Farm are even more important than usual with the US elections only days away and the presidential race still too close to call," says Huber.