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Woolworths: Everything must go

Published: 11 December 2008
Woolworths is struggling to see in its centenary after administrators announced a closing down sale would start today.
All 815 branches across the country have been ordered to reduce and sell all existing stock, some of which has already been reduced by up to 50%.

Deloitte confirmed the fire sale at the former high street favourite, that could celebrate a 100 years of UK trading in 2009, would mean the closures of stores before the end of the year.

The firm also said it would begin consulting Woolworths' 30,000 staff over the possibility of redundancies and the future of all outlets is now in doubt.

Although there is still time for a rescue package to save the chain, it's looking increasingly likely supermarket chains and bargain retailer Poundland will break it up between them.

Confirming the sale late last night a statement from Deloitte said: "Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock".

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