Woolworths chain in Britain has filed for administration - report
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Wed, 26 Nov 2008 02:25
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London - The Woolworths retail chain in Britain, which has had a presence on the High Street for nearly 100 years, has gone into administration, the BBC reported Wednesday. The company, which employs more than 25,000 staff in 815 outlets across Britain, had struggled under the weight of debt of 385 million pounds (577 million dollars), the report said. It reported half-yearly losses of nearly 100 million pounds in early September. Last-minute talks to find a buyer had failed Wednesday, when Woolworths shares were suspended on the London Stock Exchange. According to the BBC report, finance consultancy Deloitte will be called in as administrators of the store chain. Woolworth opened its first British store in Liverpool in 1909, as a subsidiary of the US' FW Woolworth company.
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