Woolworths to start closing down sale

Thursday, 11 December 2008
Woolworths will begin a closing down sale after administrator Deloitte said it had failed to find a buyer for the troubled chain.

A consultation period will now start between the company and Woolworths' 30,000 staff regarding possible redundancies.

Deloitte partner Neville Kahn said: "Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock.

"By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers."

Various supermarkets, such as Sainsbury's, Tesco, Aldi and Lidl, are still believed to be interested in purchasing a number of sites.

The chain had attracted interest from prospective buyers such as Theo Paphitis and Sir Geoff Mulcahy.

Woolworths has debts of £385m and went into administration at the end of November.
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