Talks continue to save Woolworths

Talks are continuing between troubled retailer Woolworths and its two main banks in an attempt to establish if it is possible to save the iconic chain.

Woolworths has debts of £385m and it is at risk of going into administration.

The firm, which employs 30,000 people around the UK, has been suffering as a result of intense competition.

Earlier this week, it was reported restructuring specialists Hilco were set to pay a nominal £1 for Woolworth's loss-making retail business.

But the BBC's business correspondent Joe Lynam said the banks might prefer to recoup their money by calling in the administrators sooner rather than later.

He added that shares in the firm have tumbled by 92% over the past year - falling 32% on Friday alone - as confidence that the company could not meet its day-to-day activities, as well as repay its existing loans, started to fade.

The general retailer has been struggling for some time as competition from more specialist outlets, large supermarkets and the internet has forced down sales.

It has suffered further as the economic slowdown has hit consumer spending.

The firm announced a record first-half pre-tax loss of £90.8 million in September 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.

Woolworths has been an icon of the British High Street for almost a century. It also has a distribution business and a DVD publishing business.

Talks continue to save Woolworths

Talks are continuing between troubled retailer Woolworths and its two main banks in an attempt to establish if it is possible to save the iconic chain.

Woolworths has debts of £385m and it is at risk of going into administration.

The firm, which employs 30,000 people around the UK, has been suffering as a result of intense competition.

Earlier this week, it was reported restructuring specialists Hilco were set to pay a nominal £1 for Woolworth's loss-making retail business.

But the BBC's business correspondent Joe Lynam said the banks might prefer to recoup their money by calling in the administrators sooner rather than later.

He added that shares in the firm have tumbled by 92% over the past year - falling 32% on Friday alone - as confidence that the company could not meet its day-to-day activities, as well as repay its existing loans, started to fade.

The general retailer has been struggling for some time as competition from more specialist outlets, large supermarkets and the internet has forced down sales.

It has suffered further as the economic slowdown has hit consumer spending.

The firm announced a record first-half pre-tax loss of £90.8 million in September 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.

Woolworths has been an icon of the British High Street for almost a century. It also has a distribution business and a DVD publishing business.


The American Woolworth went out of business years ago,I think in the mid or late 90's. My father use to work their after the piano factory he worked for shut down. They changed their name from Wooolworths to Foot Locker in the U.S.

The American Woolworth went out of business years ago,I think in the mid or late 90's. My father use to work their after the piano factory he worked for shut down. They changed their name from Wooolworths to Foot Locker in the U.S.
It is always said that whatever happens in the US, hits Europe and the UK a decade later.

It is always said that whatever happens in the US, hits Europe and the UK a decade later.

I wonder why that is?

I wonder why that is?
Some phenomena, it has not been explained here too.

It is always said that whatever happens in the US, hits Europe and the UK a decade later.
...and Belgium about a hundred years later.

Is Wal-Mart taking it over?

Is Wal-Mart taking it over?
Since the summer, Waitrose (supermarket) has been taking over the premises of closedown Woolworth's.

They should ask the U.S. congress for a bailout.  Couldn't hurt...
:D

Shares in troubled retailer Woolworths have been suspended as the firm continues talks to rescue the business.

Their mobile phone buisness has gone under. i know someone who is now jobless and didn't get paid this month either.  :-\\

Their mobile phone buisness has gone under. i know someone who is now jobless and didn't get paid this month either.  :-\\
There is a branch of Woolworths in Portobello Road, I wonder if that has shutdown for the branch in Edgware Road is now a Waitrose.

High Street legend Woolworths has buckled under its debt and is set to go into administration, BBC business editor Robert Peston has learned.

The move will put tens of thousands of jobs at its 815 stores under threat.

Fell out with Woolworths years ago.  They moved store locations within my town and made the original staff redundant/having to apply for the own jobs.  My mum (after more than 30 years service) couldn't get the same hours/days as she had previously worked.  Their attitude was like it or lump it.  So she left.

Fell out with Woolworths years ago.  They moved store locations within my town and made the original staff redundant/having to apply for the own jobs.  My mum (after more than 30 years service) couldn't get the same hours/days as she had previously worked.  Their attitude was like it or lump it.  So she left.
We have a soft spot for Woolies for my son had his first full time job there.

So now the staff are following your mother.

We have a soft spot for Woolies for my son had his first full time job there.

So now the staff are following your mother.


I worked there as a Saturday girl.

Can't say I'm too surprised by the news...Woolies have been on the skids for the best part of the last decade!

That said, it's devastating news for the employees... :(

A sad end for a one iconic company who just couldn't move with the times...

What happen to a bid from Sir Alan Sugar a few months ago, he was going to save them one way or other?

Probably saw the best option.

What happen to a bid from Sir Alan Sugar a few months ago, he was going to save them one way or other?

Probably saw the best option.


He probably saw how much of a wreck the whole organisation had become... :-\\

He probably saw how much of a wreck the whole organisation had become... :-\\
Completely, and he has the eye for business. Probably it was he told them it is the best thing for them.

What happen to a bid from Sir Alan Sugar a few months ago, he was going to save them one way or other?
From a report for The Guardian

Sir Alan Sugar placed a surprise bet on the future of Woolworths yesterday by acquiring a near-4% stake in the struggling retailer.

...interesting last paragraph.

"Woolworths is hoping to fight off bidders with the outcome of a strategic review and consultants believe it could build a sustainable business based on its small and medium-sized stores."

There is no indication of closure on the Woolies Website.

That's so sad to hear. I hope everything will work out OK.


I used to go to the Woolworth's in Downtown Vegas with my dad when I was a kid....such memories!

It seems strange that Woolworths are due to celebrate their centenary next year.

Woolworths is remaining open till the end of the year, but will the staff be paid?

Woolworths is remaining open till the end of the year, but will the staff be paid?
As I say my friend who worked in their mobile phone bit DEFINATLY didn't get paid this month and is also out of work.  :-\\

Reports on the radio sales are starting now, I wonder what bargains there got be?

Dragons' Den entrepreneur Theo Paphitis is among several potential bidders for Woolworths, reports say.

When I was a kid nere near Picksburgh we used to be able to buy all kind of stuff at Woolworths, the arch-rival to the other 5&10, GC Murphy's.

I spent many a week's allowance at FW Woolworth's.  :)

Sadly the store fell into decline and bacame quite disorganized and dingy.  I forget when they went outta business.  :-\\

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The message on the Woolworths website.

Dragons' Den entrepreneur Theo Paphitis is among several potential bidders for Woolworths, reports say.
Dragons' Den entrepreneur Theo Paphitis has pulled his interest in purchasing Woolworths, reports say.

The administrators of Woolworths have cut 450 jobs in support operations at Marylebone Road in London and Castleton in Rochdale.

Woolworths employs more than 25,000 people but no jobs have yet gone in any of its shops or distribution centres.

Bargain hunters flock to Woolworths prompting record takings at the start of a closure sale at its 815 outlets in the UK

Administrators at Woolworths are due to give a statement on its future later, amid speculation its stores are to be closed by early next year.

Newspaper reports said some staff had been told that closures across its 813 stores would begin on 27 December.

And a shop worker, who declined to be named, said he received an email saying all stores would close by 4 January.

Woolworths employs about 30,000 staff and has been in business for almost a century.

Administrators at Woolworths are due to give a statement on its future later, amid speculation its stores are to be closed by early next year.

Newspaper reports said some staff had been told that closures across its 813 stores would begin on 27 December.

And a shop worker, who declined to be named, said he received an email saying all stores would close by 4 January.

Woolworths employs about 30,000 staff and has been in business for almost a century.

The same company of administrators has just announced to Himself that his last working day is the 24th. They have raked in hundreds of thousands of pounds stripping the company bare, it's sickening.

The same company of administrators has just announced to Himself that his last working day is the 24th. They have raked in hundreds of thousands of pounds stripping the company bare, it's sickening.
Just before Christmas too!

This sux.  :(

That's so sad!  :\'(

The Canadian Woolworths closed long ago as well.  I still sort of miss it.  I used to like the restaurant they had in their store

The last Woolworths I remember seeing was the one in the Sterling Il. Mall which closed around 1991. It's still vacant.
The sign of the times.

Administrators at Woolworths have given details of the dates when each of its 807 stores will close over the next two weeks.

All stores will be closed by 5 January, but the first shops will shut on 27 December, just after Christmas.

All 27,000 permanent and temporary staff will lose their jobs unless a last-minute buyer can be found.

Some stores will be reopened by other retailers who have expressed an interested in buying their leases.

Shop windows will display a countdown showing how many days are left before the store closes.

Woolies was the first job at which my mother worked, when she was just seventeen, back in 1969. Kind of the end of an era for us as a family then, it's quite shocking to see it just go.

We're making sure to visit as much as possible until January 5th, which is when our local store closes.

Woolies was the first job at which my mother worked, when she was just seventeen, back in 1969. Kind of the end of an era for us as a family then, it's quite shocking to see it just go.

We're making sure to visit as much as possible until January 5th, which is when our local store closes.
My family is out shopping now, I hope they go to Woolworhts.

So now that Woolworths UK is closing, what dept. stores will be left?
Are there Wal-Mart's in the UK

So now that Woolworths UK is closing, what dept. stores will be left?
Are there Wal-Mart's in the UK
Woolworths in the U.K isn't a department store, so yes there are plenty of department stores left on the high street. We don't have wal-Mart but they do own the supermarket (food) chain Asda.