News
Comet sees credit insurance slashed
Ben Furfie Jan 16 2009, 12:14pm
Retailer confirms cut but plays down impact on business, despite some suppliers estimating a reduction of 60 per cent on limits
After slashing cover on DSGi earlier this week, credit insurance provider Euler Hermes has confirmed that Comet has become the latest firm to receive a re-evaluation of protection.
According to Microscope, several suppliers have confirmed that the insurance giant has slashed credit limits by as much as 60 per cent, with some even recording a cut to actual trading levels.
In a statement, Comet confirmed the cut, but was keen to play down the scale and impact the cut would have on its supplier relations. "Like a large number of companies we have been part of a widespread review of insurance levels provided to suppliers by some credit insurers," a spokeswoman for the retailer told the magazine.
"We have seen no change in our overall terms with suppliers and it has had no material impact on our business," she added.
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