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| Woolworths 'fails to find buyer' | Woolworths 'fails to find buyer' |
| (10 minutes later) | |
| Fears are growing for the future of Woolworths and its 30,000 staff after reports that administrator Deloitte has failed to find a buyer for the firm. | Fears are growing for the future of Woolworths and its 30,000 staff after reports that administrator Deloitte has failed to find a buyer for the firm. |
| The BBC understands that Deloitte is due to announce a closing-down sale across all the company's 815 stores. | The BBC understands that Deloitte is due to announce a closing-down sale across all the company's 815 stores. |
| Woolworths went into administration on 26 November after it buckled under the weight of £385m of debt. | Woolworths went into administration on 26 November after it buckled under the weight of £385m of debt. |
| Since that time, Deloitte has spoken to a number of parties about the hope of selling the firm as a going concern. | Since that time, Deloitte has spoken to a number of parties about the hope of selling the firm as a going concern. |
| However, it now increasingly seems that these talks have failed to find a buyer. | However, it now increasingly seems that these talks have failed to find a buyer. |
| Store sale talks | Store sale talks |
| Last week, Deloitte cut 450 jobs and launched extensive discounts, which it insisted was not a closing-down move. | Last week, Deloitte cut 450 jobs and launched extensive discounts, which it insisted was not a closing-down move. |
| The administrator has also held talks to sell off a number of store leases to rival retailers, which are said to be continuing. | The administrator has also held talks to sell off a number of store leases to rival retailers, which are said to be continuing. |
| 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. | |
| Woolworth's music, DVD and games distribution subsidiary, Entertainment UK, is also in administration. | Woolworth's music, DVD and games distribution subsidiary, Entertainment UK, is also in administration. |
| Last week, rival retailer Zavvi, which is a customer of Entertainment UK, said the situation was causing shortages of certain products in its stores. | Last week, rival retailer Zavvi, which is a customer of Entertainment UK, said the situation was causing shortages of certain products in its stores. |
| Media publishing business 2Entertain, in which Woolworths owns a 40% stake is not in administration. The other 60% of this business is owned by BBC Worldwide, the BBC's commercial division. |