This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7800839.stm

The article has changed 12 times. There is an RSS feed of changes available.

Version 1 Version 2
Woolworths store closures begin Woolworths store closures begin
(about 3 hours later)
More than 200 Woolworths stores across the UK will close later, signalling its final days on the High Street after 99 years of trading. More than 200 Woolworths stores across the UK will close later, signalling its final days on the High Street 99 years after its first shop opened.
Barring any last-minute rescue, the remaining 600 stores will follow suit by 5 January and 27,000 permanent and temporary staff will lose their jobs.Barring any last-minute rescue, the remaining 600 stores will follow suit by 5 January and 27,000 permanent and temporary staff will lose their jobs.
Branches in Prestwick, Liverpool, Llandudno, Gateshead's Metrocentre and Penzance are among the first to go.Branches in Prestwick, Liverpool, Llandudno, Gateshead's Metrocentre and Penzance are among the first to go.
The chain called in administrators last month amid mounting debts of £385m.The chain called in administrators last month amid mounting debts of £385m.
The rest of the branch closures will be staggered, with another 200 stores shutting on 30 December, 200 on 2 January and the remaining ones on January 5.The rest of the branch closures will be staggered, with another 200 stores shutting on 30 December, 200 on 2 January and the remaining ones on January 5.
Closure countdownClosure countdown
Shop windows are displaying a countdown showing how many days are left before stores close.Shop windows are displaying a countdown showing how many days are left before stores close.
In the meantime, shoppers are snapping up the last of the bargains from the closing down sales.In the meantime, shoppers are snapping up the last of the bargains from the closing down sales.
Staff will be entitled to compensation under the statutory redundancy payment scheme and will be retained for a few days following store closures.Staff will be entitled to compensation under the statutory redundancy payment scheme and will be retained for a few days following store closures.
However, it is expected some stores in prime High Street locations will be reopened by other retailers who have expressed an interest in buying their leases, which could offer job opportunities to redundant Woolworths staff.However, it is expected some stores in prime High Street locations will be reopened by other retailers who have expressed an interest in buying their leases, which could offer job opportunities to redundant Woolworths staff.
Last week Woolworths' administrators Deloitte said there was still interest in parts of the business but added it had "not come close" to finding a buyer for the firm.Last week Woolworths' administrators Deloitte said there was still interest in parts of the business but added it had "not come close" to finding a buyer for the firm.
However, it said a range of food, clothes and "value retailers" had made offers to take over the leases at about 300 stores.However, it said a range of food, clothes and "value retailers" had made offers to take over the leases at about 300 stores.
Efforts would be made to put Woolworths staff who were losing their jobs in contact with these potential employers, Deloitte said.Efforts would be made to put Woolworths staff who were losing their jobs in contact with these potential employers, Deloitte said.
The first round of Woolworths closures comes nearly 100 years after American F W Woolworth opened his first UK store in Liverpool.The first round of Woolworths closures comes nearly 100 years after American F W Woolworth opened his first UK store in Liverpool.
Woolworths ran into trouble this year after struggling under the weight of its debt.Woolworths ran into trouble this year after struggling under the weight of its debt.
Its problems were compounded when it was forced to pay cash while buying goods from suppliers because trade credit insurers were no longer prepared to cover its suppliers.Its problems were compounded when it was forced to pay cash while buying goods from suppliers because trade credit insurers were no longer prepared to cover its suppliers.
Gloomy forecastsGloomy forecasts
The chain is the most high-profile UK High Street casualty of the economic downturn so far.The chain is the most high-profile UK High Street casualty of the economic downturn so far.
A number of other retailers have hit trouble in recent weeks, with the most recent being music and games chain Zavvi, which collapsed into administration on Christmas Eve, and the fear is that more could follow in 2009.A number of other retailers have hit trouble in recent weeks, with the most recent being music and games chain Zavvi, which collapsed into administration on Christmas Eve, and the fear is that more could follow in 2009.
Earlier this week, official figures confirmed the UK economy is sliding towards recession faster than was first thought.Earlier this week, official figures confirmed the UK economy is sliding towards recession faster than was first thought.
Revised data showed a 0.6% decrease in output between July and September - the worst since 1990 and bigger than the 0.5% fall first estimated by the Office for National Statistics (ONS).Revised data showed a 0.6% decrease in output between July and September - the worst since 1990 and bigger than the 0.5% fall first estimated by the Office for National Statistics (ONS).
And on Friday, the Centre for Economics and Business Research (CEBR) - an independent group of economists - predicted the economy would shrink by 2.9% in 2009 - more than at any time since 1946.And on Friday, the Centre for Economics and Business Research (CEBR) - an independent group of economists - predicted the economy would shrink by 2.9% in 2009 - more than at any time since 1946.