Is Woolworths on the verge of collapse?
News at UK retail chain Woolworths is in discussions with a turnaround specialist with regards to the potential sale of its retail arm for just one pound has hit the stock market very hard. The shares have now fallen to 2.4 pence which is just a fraction of the price only weeks ago. There have been concerns about the financial strength of Woolworths for some time but even the most pessimistic of investors had no idea things were this bad.
This is just a further indication of the incredible weakness of the UK high street and the future concerns regarding survival of even some of the larger names in the UK. While Woolworths will take the headlines tomorrow many believe this is just the tip of the iceberg and a stream of bad news is set to hit the sector over the coming months. While any ongoing reduction in UK interest rates will assist the high street for many companies it may well have come too late.
One of the main reasons for the rumoured tax cuts in the forthcoming budget is to put more money into consumer pockets in an attempt to kickstart the economy and the high Street.
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