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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.

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