Woolworths Goes Into Administration
November 26, 2008 by Ewan
The original 99p store lasts 99 years, and then calls in ‘The Boys’
UK High Street fixture Woolworths has called in the administrators today after collapsing under the weight of £385m of debt. Their share price has been falling since last year, and in recent months they have had problems maintaining lines of credit with suppliers.
It’s important to note that Woolworths itself is calling in the Administrators, and not the parent company. That means other concerns of the Woolworths Group, such as the joint DVD publisher 2Entertain (a partnership with the BBC’s commercial arm) is not affected by this – which is good because imagine the number of Doctor Who and Top Gear DVD’s that could have been left in a warehouse over Christmas if everything had went under. Other brands owned by the group include Ladybird children’s clothes and the Chad Valley range of toys.
This will be scant comfort to some tens of thousands of employees over the 815 stores remaining on the High Street who will in all likelihood see the stores they work at shuttered over the next few weeks.
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