UK: Woolworths stores to close

Administrators Deloitte said in a statement today that there are currently no bids for the Woolworths group as a going concern and the group has launched its final sale. They also said they were starting the consultation process with the 25,000 staff, as it is possible some stores will close before the end of December.

Woolworths remaining on our high streets has looked less and less likely since the announcement that it had gone into administration several weeks ago. It seems there is more money likely to be raised by the sell off of chunks of the business, to interested parties.

Deloitte said they are still in discussions with some parties who may be interested in buying some of the group’s stores. ‘We continue to make every effort to convert interest in the Woolworths assets into firm offers. While we are still seeking bids from interested parties,’ said Neville Kahn, reorganisation services partner at Deloitte.

In the current financial climate, it seems that even interested parties are having problems persuading banks to invest and lend the large sums required. We and the company’s staff will have to wait for the outcome.

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One Response

  1. Maybe Woolworths in Germany, South Africa, or Australia could buy it, and bring the name full circle. Maybe even revive the name in the US and Canada and set up offices in the Woolworth building. I think Woolworth UK still has a dog (and sheep) in the fight. If I were super-rich, I’d buy it tomorrow! Maybe a consortium of financial partners could save the company. Or how about Foot Locker, the current incarnation of the original F.W. Woolworth Company, which has roots in my area. Maybe if the economic nightmare subsides after the New Year, we can save all thse companies from the reaper.

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