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Woolworths in store closure sales Woolworths in store closure sales
(10 minutes later)
Woolworths is to hold a store closure sale in all its 815 outlets from Thursday amid growing concern that a buyer will not be found for the firm.Woolworths is to hold a store closure sale in all its 815 outlets from Thursday amid growing concern that a buyer will not be found for the firm.
Administrator Deloitte said talks were continuing to try and find a buyer. Administrator Deloitte said that if no offers for Woolworths were forthcoming, "it is possible that some stores may close before the end of December".
While Deloitte said it was too early to talk about redundancies, it is increasingly likely that all 30,000 Woolworths staff will lose their jobs. It added that it would consult with the retailer's 30,000 staff over support available in the event of redundancies.
However, talks are continuing over the sale of store leases, with a number of other retailers said to be interested. Talks are continuing over the sale of Woolworths' store leases.
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.
Woolworths went into administration on 26 November with £385m of debt.Woolworths went into administration on 26 November with £385m of debt.
The firm's music, DVD and games distribution subsidiary, Entertainment UK, is also in administration.The firm'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.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.