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Woolworths will start a closing down sale tomorrow after administrators failed to find a buyer for the chain.

Despite last-ditch attempts to save the high street stalwart, administrators Deloitte failed to find a buyer for the chain and is launching the final sale to sell off stock.

Neville Kahn, reorganisation services partner at Deloitte, said: "While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock.

"By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers."

The administrators are hoping to sell the stores to other retailers and said negotiatins are ongoing, but said some stores may close before the end of December.

Earlier, Sir Geoff Mulcahy, who ran Woolworths for nearly 20 years after buying it in 1982, approached administrator Deloitte to buy around 500 of the retailer's 813 stores.

Sir Geoff told the Sun he is keen to save the Woolworths brand.

"You have 25,000 staff at Woolworths and there must be a way of trying to save this business," he said in an interview.

An agreement is already thought to be in place to sell 50 of the branches to frozen food chain Iceland, while deals with other supermarkets and discounters have been set up for a further 350 stores.