700 Woolworths jobs go as closing down sale begins
Yesterday saw record takings across the country when Woolworths stores were loaded up for the final closing down sale of a group which has been around for over 90 years. Even though Woolworths has changed hands on a number of occasions to many it is still the old-fashioned sweet and toy store which is probably the main reason it has fallen over the last few weeks. Administrators had hoped to sell the business as a going concern and with literally tens of thousands of jobs at risk they have discussed the issue with a number of potential buyers.
Unfortunately none of the deals on the table so far offer the security which the administrators require before agreeing to sell nor have they addressed the issue of the company's massive debt. The closing down sale is the last phase of a complete closure of the business which is expected to close its doors forever in the New Year. Ironically the closing sale has taken further income away from other retailers on the high street and you may see others suffer as a consequence.
Investors are already on the lookout for the next potential casualty in the retail market and with companies such as JJB sports struggling there are many candidates for further trouble in the future.
Share this..
Related stories
The FSA issues new corporate governance guidelines
The FSA has today issued a raft of new guidelines with regards to the financial services industry and remuneration packages which have come under severe criticism of late. In what many see as purely a public relations stunt, and something which will never actually reach the market, the FSA is suggesting increasing the fixed salary component of future remuneration packages and linking bonuses to pr...
Read MoreUK judge announces devastating ruling for PPI
While many banks and financial institutions had hoped to have seen the end of the Payment Protection Insurance (PPI) saga, a court ruling in South Shields yesterday has cast the industry into total and utter panic. Judge Jacqueline Smart ruled that a credit card holder, taking action against MBNA, was entitled to receive a rebate of her PPI payments because it appears as though MBNA failed to advi...
Read MorePolitical leaders agree to general election TV debates
In a sign that the UK political arena is beginning to reflect the US political scene more and more, it has been revealed that Gordon Brown, David Cameron and Nick Clegg have all agreed to participate in three live TV debates ahead of the general election. Despite the fact that Gordon Brown has refused point blank in the past to become involved in live TV debates with his major competitors, many be...
Read MoreIs the interest rate tool effective?
As we mentioned in one of our other articles the interest rate tool is one which has been used by many governments around the world to control local economies. In times gone by there is no doubt that increasing and decreasing interest rates has impacted upon the degree of economic activity and been known to calm down buoyant economies and increase activity in lacklustre economies. However, while i...
Read MoreWhere next for UK inflation?
Over the last 20 years inflation has been the devil in the deep blue sea and something which all governments have attempted to control and avoid spiralling higher and higher. A quick look back over the last few years shows that in early 2008 the Consumer Price Index (the government's preferred measurement of inflation) stood at a reasonable 2.2%. However, as the credit crunch began to grab hold an...
Read More