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Woolworths staff secure extra days pay as the end looms

It has been revealed that nearly 7000 Woolworths staff have managed to agree an extra day's pay with the company's administrators as the closure of the company's stores is delayed by 24 hours. While this is just delaying the inevitable the extra 24 hours will see a little extra income for the company's loyal staff who have stayed until the end. There have been reports of everything in the shops being for sale including fixtures and fittings and anything which consumers can get their hands on.

The sad demise of the old lady of the high street is a reflection of the troubled UK economy and specific problems in the retail sector. However, as we have commented upon in the past it looks as though in excess of 1600 companies are on the verge of going under in what could be the most serious and deepest cull on the UK high street in living history. While some observers are blaming the Internet and online shopping for introducing extra competition and pricing structures which off-line companies are not able to compete with, there is more to this than just a shift to the Internet.

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