Woolworths, the high street chain that just won't die
Woolworths should have already been led around the back of the stables and shot through the brain with a bolt gun, but it's not going to happen just. Administrators Deloitte have cited the fact that many shops are still carrying excess stock, and so the closure of the last 400 stores has been delayed by a day; 200 will now close on Saturday and the final 200 will shut for good on Tuesday.
Anybody who has walked the arid wastelands of their local Woolies will wonder just how much more stock they're likely to shift, given that everything left is either a) overpriced crap never likely to sell and endemic of Woolies' woes and/or b) is still overpriced, despite the need for the administrators to raise as much cash as possible. Yes, you're still able to pick up DVDs and CDs cheaper in sales elsewhere than in Woolworths, which speaks volumes about the predicament the business finds itself in.
Deliotte have also cited the logistics of closing down operations as requiring an additional day, but whether their desire to sell the tattered stock will add up after staff at the 400 stores have been paid, who knows.
TOPICS: High Street News