Woolworths to launch biggest ever sale on Friday

Woolworths is to hold a 'Biggest Ever' sale on Friday, a move likely to escalate the price war on the high street.

Neville Kahn, Joint Administrator and reorganisation services partner at Deloitte, announced: "We will launch Woolworths' Biggest Ever Sale tomorrow with discounts of up to 50% on all goods (except concessions). We anticipate increased footfall in the stores and have hired additional staff to cope with increased demand. Additional goods have been moved to all stores and further stock will be added in the coming days.

"There is continuing interest in the core Woolworths business and the Sale will continue whilst potential buyers finalise their plans for the purchase of the business."

Highlights of the Sale will include up to 50% off Toys, 30% off Christmas trees and decorations, 50% off all greeting cards, 20% off personal gifts and reductions on all entertainment products.

Earlier today it emerged that Theo Paphitis had pulled out of the running to buy Woolworths. "It is with disappointment that I confirm that we could not reach a deal. My vision was that we could retain the Woolworths brand name through purchasing a large share of the existing retail business ... Unfortunately, the constituent parts of Woolworths are more valuable than the whole," he said.

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