The company's demise, which is expected to be confirmed later today, will represent one of the biggest failures on the high street in recent years.
Confirmation that the troubled business faces administration was expected to be made later today and will represent the biggest collapase in the retail sector since the closure of the Woolworths chain in 2008.
Comet employs 6000 workers in 240 stores across the UK.
There are 14 located in and around Glasgow which are thought to employ around 350 staff.
There was speculation earlier today that restructuring specialist Deloitte will take charge of the administration and attempt to secure buyers for the stores.