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| Woolworths shares are suspended | Woolworths shares are suspended |
| (40 minutes later) | |
| Shares in troubled retailer Woolworths have been suspended as the firm continues talks to rescue the business. | Shares in troubled retailer Woolworths have been suspended as the firm continues talks to rescue the business. |
| Woolworths said in a statement that it was in discussions over the potential sale of its 840 stores. | Woolworths said in a statement that it was in discussions over the potential sale of its 840 stores. |
| The firm added that it was also in talks to sell its 40% stake in publisher 2 Entertain to BBC Worldwide, which already owns the other 60%. | The firm added that it was also in talks to sell its 40% stake in publisher 2 Entertain to BBC Worldwide, which already owns the other 60%. |
| It warned that both deals needed the backing of its banks, and "there can be no assurance" they would be completed. | It warned that both deals needed the backing of its banks, and "there can be no assurance" they would be completed. |
| BBC Worldwide is the BBC's commercial arm. It confirmed that it was talking to Woolworths over the possible purchase of the retailer's 2 Entertain holding. | BBC Worldwide is the BBC's commercial arm. It confirmed that it was talking to Woolworths over the possible purchase of the retailer's 2 Entertain holding. |
| Significant debts | Significant debts |
| Restructuring firm Hilco is said to want to buy the stores, but has so far refused to comment on the speculation. | Restructuring firm Hilco is said to want to buy the stores, but has so far refused to comment on the speculation. |
| WOOLWORTHS FACTS First UK store opened in Liverpool in 1909Has 840 stores across the UKOwns 40% share of publisher 2 EntertainOwns distribution business Entertainment UK class="" href="/1/hi/magazine/7741199.stm">What is the point of Woolworths? | |
| According to reports, Hilco has offered to buy the shops for £1, but so far cannot reach agreement on how much of Woolworth's £385m debt it will take on. | According to reports, Hilco has offered to buy the shops for £1, but so far cannot reach agreement on how much of Woolworth's £385m debt it will take on. |
| Without some form of a deal, analysts say Woolworths faces the real risk of going into administration. | Without some form of a deal, analysts say Woolworths faces the real risk of going into administration. |
| However, earlier this week the firm's largest shareholder - property tycoon Ardeshir Naghshineh - called on Woolworths to delay plans to sell the parts of the business. | However, earlier this week the firm's largest shareholder - property tycoon Ardeshir Naghshineh - called on Woolworths to delay plans to sell the parts of the business. |
| Instead Mr Naghshineh said the firm should instead look at making money by selling of some of its outlets. | Instead Mr Naghshineh said the firm should instead look at making money by selling of some of its outlets. |
| Long history | Long history |
| Shares in Woolworths have fallen by more than 90% over the past year as concerns over its future have risen. | Shares in Woolworths have fallen by more than 90% over the past year as concerns over its future have risen. |
| In September, the firm reported a record first-half pre-tax loss of £90.8m and scrapped its dividend to shareholders. | In September, the firm reported a record first-half pre-tax loss of £90.8m and scrapped its dividend to shareholders. |
| 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. | 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. |
| BBC business editor Robert Peston warned earlier this week that up to 20,000 of the 30,000 jobs at Woolworths were now at risk whatever the outcome for the firm. | BBC business editor Robert Peston warned earlier this week that up to 20,000 of the 30,000 jobs at Woolworths were now at risk whatever the outcome for the firm. |
| In addition to the Woolworths stores and its 40% stake in 2 Entertain, the company runs distribution business Entertainment UK. | In addition to the Woolworths stores and its 40% stake in 2 Entertain, the company runs distribution business Entertainment UK. |
| Have you been affected by issues covered in this story? Do you work for Woolworths? Are you a shareholder? Send us your comments using the form below. | Have you been affected by issues covered in this story? Do you work for Woolworths? Are you a shareholder? Send us your comments using the form below. |