Comet closed in December 2012 after the electrical chain went into administration. As of December 2014, there is no official Comet website available online, and there are no Comet clearance sales, online or otherwise. Some websites that used to direct users to Comet now point to the Currys Electrical Store.

Comet competitors such as Currys and PC World have clearance sections on their websites. As of 2015, these companies are doing relatively well and unlikely to go into administration in the near future. The Comet shutdown was driven by factors that included the global economic crisis and a price war against Currys.