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Woolworths firesale raises in excess of £25 million

The firesale of stock from fallen retailer Woolworths has raised in excess of £25 million in just 24 hours. However, there have been a number of complaints suggesting that the 50% discount which has been so widely advertised in the press is only on a very narrow range of products. Many consumers have reported many items are still going at full price and some with just 10% discounts. Whatever the true story, there is no doubt that the firesale has had the desired effect and raised substantial funds to offset against the company's £300 million of debt.

However, the firesale has placed pressure on other stores on the high street with more and more companies having to reduce their prices to compete and attract the attention of consumers. In many ways the fall of Woolworths could well have a knock-on effect to many other stores as consumers appear more aggressive in their bargain hunting and unwilling to pay full price for a range of products. The firesale is still ongoing and it looks highly likely that many Woolworth stores will close towards the end of next week.

Even though there has been interest from some investors it appears highly unlikely that the company will be sold as a going concern.

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