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| Troubled Woolworths launches sale | Troubled Woolworths launches sale |
| (20 minutes later) | |
| Troubled retailer Woolworths, which crushed under its debt last month, has launched what its administrators have called the group's "biggest ever sale". | Troubled retailer Woolworths, which crushed under its debt last month, has launched what its administrators have called the group's "biggest ever sale". |
| Discounts of up to 50% have been offered on toys and greeting cards, with prices for entertainment goods also being reduced across all ranges. | Discounts of up to 50% have been offered on toys and greeting cards, with prices for entertainment goods also being reduced across all ranges. |
| Retail analyst Nick Bubb said the move "looked like a closing down sale". | Retail analyst Nick Bubb said the move "looked like a closing down sale". |
| But the administrators said the sale was "ongoing" and that stores expected to remain open after Christmas. | But the administrators said the sale was "ongoing" and that stores expected to remain open after Christmas. |
| "There is continuing interest in the core Woolworths business and the sale will continue whilst potential buyers finalise their plans for the purchase of the business," said Neville Kahn, joint administrator at Deloitte. | "There is continuing interest in the core Woolworths business and the sale will continue whilst potential buyers finalise their plans for the purchase of the business," said Neville Kahn, joint administrator at Deloitte. |
| Extra staff had been hired to cope with demand, he added. | Extra staff had been hired to cope with demand, he added. |
| But Mr Bubb, an analyst with stockbrokers Pali International, said the company was "trying to get rid of unsold stock and to empty shops". | |
| Slashing stock | Slashing stock |
| Woolworths went into administration on 26 November and Deloitte is in talks with a number of companies said to be interested in Woolworths' assets. | Woolworths went into administration on 26 November and Deloitte is in talks with a number of companies said to be interested in Woolworths' assets. |
| On Thursday, Dragons' Den entrepreneur Theo Paphitis pulled out of the race to buy parts of Woolworths. | On Thursday, Dragons' Den entrepreneur Theo Paphitis pulled out of the race to buy parts of Woolworths. |
| It is thought that Sainsbury's, Asda, Tesco, the Co-op and discount chain Poundland are still interested in picking up some of the retailer's prime stores. | It is thought that Sainsbury's, Asda, Tesco, the Co-op and discount chain Poundland are still interested in picking up some of the retailer's prime stores. |
| Christmas blitz | Christmas blitz |
| Other retailing groups have also started sales early this year, in an effort to bring hard hit customers back into the shops before Christmas. | Other retailing groups have also started sales early this year, in an effort to bring hard hit customers back into the shops before Christmas. |
| Debenhams and fashion group Dorothy Perkins have held three-day 20%-off sale events, ending on Friday. | Debenhams and fashion group Dorothy Perkins have held three-day 20%-off sale events, ending on Friday. |
| Similar discounts have been offered twice by Marks and Spencer in the past month. M&S said it wanted to give shoppers "a helping hand in the run-up to Christmas". | Similar discounts have been offered twice by Marks and Spencer in the past month. M&S said it wanted to give shoppers "a helping hand in the run-up to Christmas". |