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Comet electrical stores sold by Kesa for £2

Anglo-French electrical goods retailer Kesa announces plans to sell off its troubled UK-based Comet stores for £2 to a private equity firm.

The buyer is a group of companies under the name "Hailey" advised by retailer turnaround specialists OpCapita.

Kesa said it will itself invest £50m into the new holding company, and will retain liability for the Comet employees' final salary pension scheme.

Emma Simpson reports.