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| Woolworths in stores sale talks | Woolworths in stores sale talks |
| (about 1 hour later) | |
| Troubled retailer Woolworths has confirmed that it is in talks about a possible sale of its retail business. | Troubled retailer Woolworths has confirmed that it is in talks about a possible sale of its retail business. |
| The retailer did not identify who it was talking to, but the Times reported it was considering a sale to turnaround specialists Hilco for a nominal £1. | The retailer did not identify who it was talking to, but the Times reported it was considering a sale to turnaround specialists Hilco for a nominal £1. |
| The chain has suffered as the economic slowdown has hit consumer spending. | The chain has suffered as the economic slowdown has hit consumer spending. |
| In August it rejected a takeover bid of £50m for its 815 stores from a group headed by the founder of the Iceland frozen food chain, Malcolm Walker. | |
| Woolworths shares were suspended briefly at the start of trading pending the announcement about the talks. | |
| By mid-morning, its shares were 31% lower at 2.6 pence. Their value has fallen 83% over the last year. | |
| Growing problems | |
| The well-known retailer has been struggling for some time as competition from more specialist outlets, large supermarkets and the internet has forced down sales. | |
| Woolworths announced a record first-half pre-tax loss of £90.8 million in September and scrapped its dividend to shareholders. | |
| Last month, millionaire Amstrad founder and host of The Apprentice, Sir Alan Sugar, bought 3.9% of Woolworths. | Last month, millionaire Amstrad founder and host of The Apprentice, Sir Alan Sugar, bought 3.9% of Woolworths. |
| Woolworths has been a presence on the UK High Street since its first shop opened in Liverpool in 1909. It also has a distribution business and a DVD publishing business. | |