By Calvin Palmer
Woolworths, a feature of Britain’s High Streets since before the First World War, is poised to go into administration.
The company announced today that its retail division and distribution arm, Entertainment UK, will go into administration.
The holding company and 2entertain – a joint venture with the BBC – both of which are self-funding will not go into administration.
Neville Kahn a partner at Deloitte is expected to lead the administration.
In a brief Stock Exchange statement, Woolworths announced this morning that it had asked the exchange to suspend trading pending the outcome of rescue talks.
Those talks broke up at 3 a.m. this morning. They resumed again earlier today but broke down this afternoon.
The ailing retailer employs 30,000 staff in the United Kingdom.
The collapse of Woolworths could spark further discounting as administrators try to clear stock in the run up to Christmas – hitting the profitability of other retailers.
The wonder of Woolies is no more, falling one year shy of 100 years in the UK. F. W. Woolworth & Co., Ltd. opened its first store in Liverpool in 1909. By the onset of the First World War, in 1914, the company had 40 stores in England and Ireland, located in most major cities.
[Based on reports by The Daily Telegraph and the Press Association.]
2 Comments
November 28, 2008 at 8:38 am
It’s a shame. As a child visiting the “Woolies” store was part of the ritual of a visit to Newcastle-under-Lyme town centre with my mum and grandmother. Happy memories. A lot of my toys came from there, and I enjoyed choosing a bag of sweets at the “Pick & Mix” counter. Mind you it was usually all Raspberry Truffles!
I don’t know if it was the same around the rest of the Potteries area, but where we lived Woolworths was shortened and the local dialect turned it into “Wuffs”. For example:
“I need a new brolly, marne bost in that bad wind last wick”
“Get thesen dine to Wuffs, theer’s a sale un!”
November 29, 2008 at 9:48 am
Hi
Just came across your blog
If you really want to know why woolies went under please read my blog dated 27th Nov.
Good luck and health
Ken