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Woolworths in adminstration

Published: 27 November 2008
Talks to save beleaguered retailer Woolworths broke down last night forcing the firm into administration.
Woolworths in adminstration
The board of Woolworths had been in talks with restructuring specialists Hilco, who had tabled an offer of £1 and would take on a substantial amount of the firm's debt.

But, the deal is thought to have floundered over precisely how much of the estimated £385m debt would be included.

Stores remain open at the moment but the future of the 30,000 workers is unclear.
Both the boards of Woolworths and Entertainment UK filed for administration at the high court last night.

However, Woolworths Group is not in administration and remains in discussions with BBC Worldwide over the sale of its 40% interest in 2 Entertain.

Deloitte has been appointed administrator and this morning said interest had already been shown in the business.


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