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Woolworths stores to close within days as buyer not found

Woolworths stores are poised to close down within days after administrator Deloitte failed to find a buyer, reports Retail Week. Bargain hunters are expected to flock to Woolworths today as a store closure sale starts at all its 815 outlets across the UK. The failure to find a buyer could put Woolworths’ entire staff - totalling some 30,000 - at risk of redundancy. The closure comes despite last minute efforts by former head of Kingfisher Geoff Mulcahy to save the retailer he once ran. David Buchler, former Chairman of Kroll Europe, and property tycoon Ardeshir Naghshineh, the largest shareholder in the company, were also interested in saving the Woolworths brand. It is understood no firm offers emerged for Woolworths, with sources saying the retailer cannot be saved. A sale of EUK, Woolworths' wholesale arm, is also looking unlikely and could also be liquidated soon. A closing-down sale is set to start within days. The Woolworths stores are likely to be packaged and sold off to retailers including Iceland, Poundland, Tesco and Sainsbury's.

www.planetretail.net

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