Woolworths 'going into administration'


Woolworths 'going into administration'
Woolworths is likely to go into administration within hours, according to a report.

The retailer suspended its shares on the London Stock Exchange this morning as it held talks with buyers in an attempt to rescue the company,

However, the BBC has reported Woolworths has now gone into administration with the loss of thousands of jobs.

The report named Deloitte as administrators and said the board will meet at 18:00 GMT tonight to take the formal decision.

A spokesperson for Woolworths was unable to comment on the report.

Woolworths, which has 815 stores, struggled to find a buyer for the business as it has debts of £385 million and a huge pension deficit.

Woolworths has been a familiar feature of the British high street since 1909.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure