Deathwatch - Woolworths goes into administration
High Street legend Woolworths with its 815 stores across the UK has gone into administration, BBC business editor Robert Peston has learned. The move will put tens of thousands of jobs under threat.
The company's board will meet at 1800 UK time to take the formal decision.
Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies books and DVDs to supermarket groups. The collapse of Woolworth is likely to lead to the closure of hundreds of stores across the UK, and it is also likely to lead to many thousands of redundancies.
The Times has been reporting the the Government is applying pressure to force the concerned parties back around the table to avert the decision, and save the positions of 30,000 staff.
It leaves a question mark over the future of the stores and will undoubtedly lead to sales and closures, should no buyer be found at the eleventh hour. It's also unclear what will happen should customers attempt to return purchases. Let us know if you've had any dealings over the counter with Woolworths recently; was it business as usual?
TOPICS: High Street News