Woolworths Group

Woolworths Last Day! Closing down sale.

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• published: 03 Jan 2009
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The music track is by Kevin Macleod, you can download it here: http://incompetech.com/m/c/royalty-free/index.html?keywords=grief Could Woolworths have been saved? Read this article here http://www.newsandstar.co.uk/opinion/letters/1.318048 (Thanks to markjuk for the link) I feel quite nostalgic about the closure of Woolworths! Thoughts go to all the staff now out of work. From Wikipedia: On 19 November 2008 The Times reported that the Woolworths' retail business was a target for restructuring specialist Hilco, who would buy the retail arm for a nominal £1; this was confirmed the same day. This deal would have left Woolworths Group with its profitable distribution and publishing businesses and a reduced debt load. The group's banks, GMAC and Burdale, rejected the deal and recalled their loans, forcing the group to place the retail business and Entertainment UK into administration. Neville Kahn, Dan Butters and Nick Dargan of Deloitte & Touche LLP were appointed joint administrators. When the company entered administration it had a debt of £385 million. The administrators announced that they were aiming to keep the company as a going concern over the crucial Christmas period, although analysts feared that any heavy discounting would create a domino effect and drag down other high street retailers. Deloitte later announced they had received "substantial interest" in Woolworths. When news about Woolworths being placed into administration became widely publicised, National Lottery operator Camelot Group immediately suspended Woolworths from selling their lottery tickets and scratch cards, as well as preventing claimants from redeeming prizes at the stores. On 5 December Woolworths both recorded their greatest single day takings of £27 million, and axed 450 head office and support staff jobs. The administrators announced on 10 December that they were having difficulty selling the company as a going concern, and as a result some stores might close before the end of the month. They also announced a closing-down sale starting the following day (11 December). Talks were still progressing to sell individual stores and leases to a number of retailers, said to include the supermarket chains Tesco, Asda, Sainsbury's, The Co-operative and the discount chain Poundland. On 17 December 2008 administrators announced that all 807 Woolworths stores would close by 5 January 2009 (now 6 January), with 27,000 job losses, unless a buyer was found. Deloitte's Neville Kahn also said that it was unclear how much of Woolworths' debt would be paid. 207 stores closing on 27 December 2008 37 closing on 29 December 164 closing on 30 December 200 closing on 3 January 2009 (Originally 2 January 2009) remaining stores (approximately 200) closing on 6 January (Originally 5 January 2009) Some units are expected to be sold to Argos, Poundland, Tesco, Iceland and Asda. Money advice, banking tips, credit crunch, financial advice, recession guidance.