Woolworths (UK) parent company goes into administration

UK-based Woolworths Group, the parent company of the collapsed variety retailer, has announced it has gone into administration. The group had said on 19 January it was applying to go into administration, a form of creditor protection, because it was unable to pay its debts. Woolworths put its retail chain into administration in November and the chain's 807 stores closed by 5 January with the loss of about 27,000 jobs. The parent company initially stayed out of administration while it held talks on the possible sale of its 40% stake in DVD publishing business 2Entertain with joint venture partner the BBC. A spokesman for BBC Worldwide said 2Entertain was not in administration and that talks over a deal would now continue with Woolworths Group's administrator, Deloitte. Deloitte was not immediately available for comment.

www.planetretail.net