That was the wonder of Woolies
Is this the day that the chill winds of recession really start to hit what is left of the traditional high street?
That
- WAS
the wonder of Woolworths. At 6pm tonight the Board of Woolworths met to confirm what had long been on the cards – which the cash-strapped business, laden with over £150m of net debt was bowing to the inevitable and heading into administration.
Deloitte, the appointed administrator must now try to find a buyer for some or all of the Woolworths chain. But the sad fact is that hundreds of stores will close and thousands of staff must face losing their jobs. The Times reports that up to 30,000 jobs are at risk if the 800 plus stores close for good. And the Telegraph suggests that a firesale of unsold stock by the administrators could prompt an aggressive price war on the high street in the run up to Christmas.
