Wednesday, December 10, 2008

Woolworths closing down

Efforts to find a buyer for what was once Britain's largest retailer have been unsuccessful, so the going out of business sales are expected to begin as soon as tomorrow.

In what looks like the beginning of the end for the retailer, its administrator Deloitte has said that some shops could close for good by the end of the year.

Deloitte is also due to consult with Woolworths' 30,000 staff over the possibility of redundancies.

Talks over the sale of the leaseholds of individual stores are continuing. It is thought that Sainsbury's, Asda, Tesco, the Co-op and discount chain Poundland are still interested in picking up some of the retailer's prime sites.

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