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Woolworths stores close for the last time

Today we have seen 200 Woolworths stores close forever as the wind-down of one of the U.K.'s best known retail chains continues at pace. Just under one quarter of the overall group has now been closed with the final 600 stores set to close over the next two weeks. This marks a sad day for the UK retail sector with one of the U.K.'s oldest retail businesses set to disappear forever. While debts of over £300 million finally sealed the fate of the group there is anger at the way the business has been managed over the last decade at a time when UK retail has moved with the times but Woolworths appears to be stuck in the dark ages.

Unfortunately the demise of Woolworths is set to be repeated numerous times across the UK high street over the next few months. There is concern that many supporting banks have been waiting until after the Christmas and New Year sales in order to improve cash flow and take as much back from businesses before withdrawing their support. The next few weeks will see many shocks and surprises from the UK high street as well as a sharp dip in consumer spending.

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