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Saturday December 27th 2008
Woolworths store closures begin
Archived article dated Saturday December 27th 2008
A quarter of Woolworths stores will close today, signaling the beginning of the end for the iconic retailer.
The remaining 600 stores will close on January 5, putting 27000 permanent and temporary staff out of work. Branches in Prestwick, Liverpool, Llandudno, Gateshead's Metrocentre and Penzance are among the first to close. The rest of the branch closures will be spread out with another 200 stores shutting on 30 December, 200 on 2 January and the remaining stores on January 5. Despite hopes that Woolworths could be saved, administrator Deloitte said last week it had "not come close" to securing a deal.
Stores in prime high street locations are likely to be snapped up by other retailers.Woolworths, which started in Liverpool in 1909, had been burdened by mounting debts and losses. An attempt by restructuring specialist Hilco to acquire the company's stores for £1 failed.
Tagged as: woolworths | zavvi
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