The end of a 99 year era for Woolworths
December 11, 2008
Today brings the sad news that all 815 Woolworths stores across the country will start closing down sales this morning. The famous retail chain went into administration at the end of November with debts of £385million, and Deloitte, the administrator has been trying to find a buyer, but with nobody having come forward, the closing down sale starts today to try to pay back some of the debt. Many stores already have 50% off sales, but this looks set to drop even further, and flocks of bargain hunters are expected to descend on stores looking for cheap Christmas presents such as CDs, DVDs and children’s toys.
This is very sad news for 30,000 employees who are now worried about the likely loss of their employment at the worst possible time. Consultation on redundancy is due to start with all staff, some of which have very long service with the company. It is hoped that if some of the store sites are bought by other retailers such as Sainsbury’s and Asda, then some of the staff will be offered employment at the new store.
According to reports, this is the most striking indication of the devastating effect of the credit crunch so far.
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